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← Edinburgh Napier University

2025-07-31-accounts

Financiale staff e Statements

Our Distinctiveness Our Distinctiveness

We are inclusive in our ethos, applied and collaborative in our We are inclusive in our ethos, applied and collaborative in our - approach, with a commitment to delivering high approach, with a commitment to delivering high-quality quality education education and research that adds value to the social, cultural, and economic and research that adds value to the social, cultural, and economic capital of our communities. capital of our communities.

“We teach inclusively, and our graduates move into professional “We teach inclusively, and our graduates move into professional employment employment” ” and and “ “Our Our research solves problems that matter to research solves problems that matter to people outside the University and make change happen.” people outside the University and make change happen.”

Sue Rigby, Principal and Vice Sue Rigby, Principal and Vice-Chancellor Chancellor

Based in Edinburgh, we have a local focus and international reach, Based in Edinburgh, we havea local focus and international reach, connecting people and ideas across a breadth of disciplines. We connecting people and ideas across a breadth of disciplines. We have a commitment to employability and workforce readiness, have a commitment to employability and workforce readiness, while our size and diverse portfolio enable us to foster connecti while our size and diverse portfolio enable us to foster connections ons and collaborations that address ‘live’ challenges, reflecting our and collaborations that address ‘live’ challenges, reflecting our dedication to creating a meaningful impact locally, nationally, and dedication to creating a meaningful impact locally, nationally, and internationally internationally. .

We are driven by our values of We are driven by our values of professionalism, professionalism, ambition, ambition, innovation, and inclusivity innovation, and inclusivity and and aspire to be recognised for acting aspire to be recognised for acting with with respect and integrity respect and integrity, , and for creating an environment where and for creating an environment where everyone feels everyone feels proud, confident, challenged, and supported proud, confident, challenged, and supported. .

Our cross Our cross-cutting - cutting commitment to the United Nations Sustainable commitment to the United Nations Sustainable Development Goals ( Development Goals (UNSDGs) UNSDGs ) is reflected throughout our delivery, is reflected throughout our delivery, as aligned with as aligned with our purpose and ambition to make a difference our purpose and ambition to makea difference across society across society, , while our academic focus on wellbeing and while our academic focus on wellbeing and sustainability directly supports the Scottish Government’s ambition sustainability directly supports the Scottish Government's ambition to deliver a wellbeing economy as articulated by the National to deliver a wellbeing economy as articulated by the National Strategy for Economic Transformation. Strategy for Economic Transformation.

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Contents Contents

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|||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Our Distinctiveness|Our|DISTINCTIVENESS|[eesti]|............................|....|........................|....|........................|....|........................|....|.... 1|[|]| |Foreword|FOPQWOLG|............................|oseescesseeseesteeseesstesseesseesseesseeseesntesneeseeneesseestesntesneeeeeuseseesessieesesseentestesssniestesessniesetnnesniesnetsennee|....|........................|....|........................|....|........................|....|......................2|2| |University Strategy|UNniVersity|Strategy|............................|oes|....|........................|....|........................|....|........................|....|.... 6|O| |Our Strategy and Purpose|Our Strategy|ANd|PUPPOSE....|............................|ec eeeeseeseesteesseesteesesseseesesseseseseseesesesneseiesntetsennesnetsesneeees|....|........................|....|........................|....|...................|O|6| |Strategic & Operational Report|Strategic & Operational|REPOS...|............................|eee|....|........................|....|........................|....|.............. 7| |Our Strategic Approach|Our|Strategic|APProaCh i...|............................|eects|....|........................|....|........................|....|........................7|2| |Contextual Factors|Contextual|FActOFrs|............................|oes|....|........................|....|........................|....|........................|..|10..|TO| |Delivering our Priorities|Delivering|OUF|PIiOFitieS|............................|wees|....|........................|....|........................|....|.....................15|1D| |Our Core: Learning & Teaching, Research & Innovation|Our|Core:|Learning & Teaching,|Research &|INNOVAtION|............................|wees|....|...........................26|ZO| |Environmental Sustainability|Environmental|SUStaiNaDility|............................|.........cccsesesesesessesseeseeseesesesnessesseesesiesssnsnsuessissasssesuisnseetesee|....|........................|....|........................|....|........... 30|SO| |Delivering on our Purpose: Highlights through the UNSDGs|Delivering|on|our|Purpose:|Highlights through|the|UNSDGS......|............................|eee|....|.................. 34|So| |Equality, Diversity & Inclusion|Equality,|Diversity &|INCIUSION......cccsssesessesseesneestesesnssseesissssssnsnsenneniniiisssuiiisiai|............................|....|........................|....|........................|....|.......... 37|SZ| |Key Performance Indicators|Key|Performance|INdICAtors|......cseesessessesseessssessesessesseesessessssnesseeseesneesesissussussuessissassessnsssessesseseesee|............................|....|........................|....|........................|....|............. 40|LO| |Financial Review|FIMANCIAl|ROVIQW|............................|oe eeeseeseeseestesstesseesstesstesseeseeseesseeseestesseeseesessteseesesiesesnsennteseesenienneseenesnesnenneeenen|....|........................|....|........................|....|........................|....|....... 42|lh| |Development and Alumni|Development and|ALUMNI...|............................|cc csesesecseestesessesessssessesesnssnessiesesiesissesusuesssasessususseseessessese|....|........................|....|........................|....|.................. 47|lt|2| |Sustainable Procurement|Sustainable|ProcureMent.......ceccseseseseeseeseseesesseseesesseseesneseseesensesneesessesneesesneseeseeeee|............................|....|........................|....|........................|....|..................|AO|49| |Corporate Governance Statement|Corporate|Governance|StateMent|uu...|............................|ccc|....|........................|....|........................|....|...... 51|DT| |General Information|General|INFOrMAtION.....|............................|eects eseesseesteseeseestesneestesiessieeseesienntesnteseenesiesneeniesesenneseeeneeee|....|........................|....|........................|....|............................56|DO| |Statement of Responsibilities of the University Court|Statement|of|Responsibilities|of the|University|COUT...|............................|esses|....|........................|....|.. 61|1| |Independent Auditor’s Report To The Court of Edinburgh Napier|Independent|Auditor's|Report To The|Court|of|Edinburgh|Napier| |University|UNIVESSILY|............................|eee eeseeestesteseeseeseeeeseeseseeeesessesesnseeeenssessnesneaseisensenenseseessnteesensenemeiteseitiensesateeritmnteseere|....|........................|....|........................|....|........................|....|....................65|OD| |Financial Statements|FiMANCial|State|MANS|............................|.....eeceseeesecseeseeseesteeeeseeseesseeseeseeseesseeeseesseseeseeseseseeseeneesetsennesneseeesesee|....|........................|....|........................|....|........................|..|71..|2| |Notes to the Financial Statements|Notes|to the|Financial|Statements...|............................|cece|....|........................|....|........................|....|. 76|20|

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Foreword Foreword

This has been a challenging but successful This has been a challenging but successful year year for for Edinburgh Napier Edinburgh Napier University and one that has involved considerable learning internally University and one that has involved considerable learning internally and from the wider sector. and from the wider sector.

The sustainability of The sustainability of university university finances finances was was a a topic topic often in the public often in the public eye eye as as financial challenges financial challenges have have unfortunately unfortunately become become the norm in the norm in higher education higher education. . As this year’s As this year's Financial Statements Financial Statements illustrate illustrate, , Edinburgh Napier Edinburgh Napier was was, , sadly, sadly, not an outlier not an outlier. . Our core income from Our core income from home recruitment continued to contract, with recruitment into home recruitment continued to contract, with recruitment into Nursing programmes an ongoing concern Nursing programmes an ongoing concern – — not least not least for for Scotland's Scotland’s future future he healthcare althcare workforce. workforce. D Despite espite significant efforts to significant efforts to reduce reduce our our expenditure expenditure this this year, year, it it is is apparent apparent that we will need to reduce pay that we will need to reduce pay costs if we are to return to regular surplus at the bottom line as well costs if we are to return to regular surplus at the bottom line as well as at EBITDA as at EBITDA (earnings before interest, tax, depreciation and (earnings before interest, tax, depreciation and amortisation) amortisation) in the coming year, in the coming year, with with careful planning careful planning undertaken undertaken towards towards this. this.

Positively, however, Positively, however, strong strong income growth was income growth was recorded this year recorded this year, , with good international recruitment and a successful launch of with good international recruitment and a successful launch of courses courses for our new for our new Trimester Trimester 3 3 intake intake. . Our international college, Our international college, ENUIC, continues to thrive and ENUIC, continues to thrive and new new delivery of delivery of teaching teaching in Egypt in in Egypt in partnership with Queen Margaret University partnership with Queen Margaret University is is expected to expected to commence commence in the course of the next academic year in the course of the next academic year. .

Governance and leadership of the University are both strong and Governance and leadership of the University are both strong and we we would like to pay a special thanks to Professor Andrea Nolan and June would like to pay a special thanks to Professor Andrea Nolan and June Boyle, our outgoing Principal and Chair of Court respectively. Their Boyle, our outgoing Principal and Chair of Court respectively. Their leadership has been consistent and successful and have given leadership has been consistent and successful and have given Edinburgh Napier a strong basis to thrive. Our new Ch Edinburgh Napier a strong basis to thrive. Our new Chair, air, Rex Rex Tomlinson, was elected in May and has instituted a review of our Tomlinson, was elected in May and has instituted a review of our Court sub Court sub-committees - committees and refreshed recruitment to Court. and refreshed recruitment to Court. As As incoming Principal and Vice Chancellor, incoming Principal and Vice Chancellor, I have settled i | have settled into nto post after post after

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beginning the role in January and have seen a strong leadership team beginning the role in January and have seen a strong leadership team adapt and grow impressively with changes in portfolio and ambition. adapt and grow impressively with changes in portfolio and ambition.

T The he sector’s ongoing challenges and the evolving perception of its sector's ongoing challenges and the evolving perception of its value demand that we remain more agile and resilient than ever. value demand that we remain more agile and resilient than ever. The The ongoing conversation ongoing conversation about the about the funding funding model of model of Scottish Scottish university university finances is critical finances is critical, , as is as is the the discussion about the purpose of discussion about the purpose of institutions institutions in in these these times times of of significant significant change change. .

However, w However, we e are are optimistic about the future for Edinburgh Napier optimistic about the future for Edinburgh Napier University University; ; we know who we are and what we are for, our finances are we know who we are and what we are for, our finances are robust notwithstanding the need for some adjustments, and our robust notwithstanding the need for some adjustments, and our vision for the future is achievable. vision for the future is achievable. As this Strategic Report As this Strategic Report compellingly demonstrates, Edinburgh Napier University continues to compellingly demonstrates, Edinburgh Napier University continues to enrich the life journeys of our learners enrich the life journeys of our learners as well as well as delivering skills and as delivering skills and research that benefits our research that benefits our communities communities — —here here at home, and at home, and across across the the world world. .

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P Professor rofessor Sue Rigby Sue Rigby Principal and Vice Chancellor Principal and Vice Chancellor

Rex Tomlinson Rex Tomlinson Chair of Chair of University University Court Court

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University Strategy University Strategy

Our Strategy and Purpose Our Strategy and Purpose Driving Distinctiveness Driving Distinctiveness Our Our purpose purpose is to… is to... deliver high quality education and research to add value to the social, cultural, and economic capital of deliver high quality education and research to add value to the social, cultural, and economic capital of our communities and shape their development our communities and shape their development Our Our Strategic Objectives Strategic Objectives are to… are to... BUILD CAREERS GROW NETWORKS Ww BUILD CAREERS + GROW NETWORKS Create Opportunities Connect Communities f =A Create Opportunities Connect Communities

Our culture of personal growth, coupled with our Our culture of personal growth, coupled with our — Creative collaborations, locally, nationally and Creative collaborations, locally, nationally and flexible, innovative and holistic learning flexible, innovative and holistic learning internationally will provide an educational and internationally will provide an educational and environment, will enable students and staff to environment, will enable students and staff to research portfolio that both shapes and responds research portfolio that both shapes and responds shape their development and flourish in their shape their development and flourish in their to the needs of business and society to the needs of business and society careers careers ADVANCE KNOWLEDGE ADVANCE KNOWLEDGE While being committed to deliver impact GROWING SUSTAINABLY GROWING SUSTAINABLY

While being committed to GROWING SUSTAINABLY GROWING SUSTAINABLY by

Our research and knowledge exchange will Our research and knowledge exchange will address ‘live’ challenges, underpin our teaching address ‘live’ challenges, underpin our teaching and influence professional practice and policy, and influence professional practice and policy, driving key societal, economic and environmental driving key societal, economic and environmental impacts impacts

Growing and diversifying our income and taking Growing and diversifying our income and taking progressive action to achieve net carbon zero in progressive action to achieve net carbon zero in our operations by 2030 art the latest. We will also our operations by 2030 art the latest. We will also = seek seek to minimise both our wider and legacy carbon to minimise both our wider and legacy carbon footprint and influence sustainable practices footprint and influence sustainable practices within and b within and beyond eyond our campuses our campuses

As a result of As aresult of delivering delivering our strategy… our strategy... Our students will… Our students will... Our staff will… Our staff will... Our partners will… Our partners will... Feel part of a diverse, accessible and Feel part of a diverse, accessible and — Have fulfilling careers and feel Have fulfilling careers and feel Recognise us as Recognise us as inclusive academic community, which inclusive academic community, which — part of a collaborative, supportive, part of acollaborative, supportive, accessible, inclusive, accessible, inclusive, integrates leading advances in integrates leading advances in outward looking and externally outward looking and externally trusted and purposeful trusted and purposeful professional, vocational, and professional, vocational, and connected community connected community - - creating, creating, collaborators that they collaborators that they academic practices, encouraged to academic practices, encouraged to sharing and applying knowledge sharing and applying knowledge both value and feel valued both value and feel valued make a difference during their makea difference during their to positively impact individuals to positively impact individuals by, and seek as a partner by, and seek as a partner studies, while becoming equipped studies, while becoming equipped and society through teaching, and society through teaching, of choice for mutual future of choice for mutual future and connected for thei and connected for their r future future research, enterprise and prac research, enterprise and practice tice — benefit and impact benefit and impact careers careers

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Strategic & Operational Report Strategic & Operational Report

Our Strategic Approach Our Strategic Approach

Our Strategy Our Strategy

The The University Strategy, Shaping Our Future: Driving Distinctiveness, approved University Strategy, Shaping Our Future: Driving Distinctiveness, approved in March 2020, outlines our purpose to in March 2020, outlines our purpose to: : ‘deliver high quality education and ‘deliver high quality education and research that adds value to the social, cultural and economic capital of the research that adds value to the social, cultural and economic capital of the communities we serve and shape their development’. communities we serve and shape their development’.

Incorporating strategic objectives focused on building careers, growing Incorporating strategic objectives focused on building careers, growing networks and advancing knowledge, underpinned by a commitment to networks and advancing knowledge, underpinned by a commitment to sustainability, sustainability, our Strategy our Strategy has provided a framework for delivery has provided a framework for delivery. . This is This is enabled by a range of core strategies such as Learning & Teaching, Research & enabled by a range of core strategies such as Learning & Teaching, Research & Innovation, Internationalisation and Environmental Sustainability, Innovation, Internationalisation and Environmental Sustainability, and is and is embedded through the annual planning process, with associated key embedded through the annual planning process, with associated key performance indicators performance indicators (KPIs) (KPIs) to help track progress. to help track progress.

Our Plan Our Plan

The The annual planning and budgeting round is the vehicle by which priorities are annual planning and budgeting round is the vehicle by which priorities are agreed for the year ahead, to which the Annual Budget agreed for the year ahead, to which the Annual Budget and and respective School respective School and Service plans and Service plans are aligned are aligned. .

In advance of academic year (AY) 2024/25 a set of Top 7 Priorities was agreed In advance of academic year (AY) 2024/25 a set of Top 7 Priorities was agreed as comprising the Annual Plan and shared with as comprising the Annual Plan and shared with University University Court, who Court, who approved the associated budget. Delivery of these priorities was the focus the approved the associated budget. Delivery of these priorities was the focus the first half of 2024/25 first half of 2024/25, , under the leadership of Professor Andrea Nolan before under the leadership of Professor Andrea Nolan before her retiral in January her retiral in January. .

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The The University community is deeply grateful for the stewardship of Professor Nolan, and the University community is deeply grateful for the stewardship of Professor Nolan, and the work she did to build our success and stabilise the institution in turbulent times. work she did to build our success and stabilise the institution in turbulent times.

The The second half of the year brought with it a transition of university leadership, second half of the year brought with it a transition of university leadership, starting with the appointment of Professor Sue Rigby as Principal and Vice Chancellor, starting with the appointment of Professor Sue Rigby as Principal and Vice Chancellor, and followed by the appointment of Rex Tomlinson as new Chair of University Court. and followed by the appointment of Rex Tomlinson as new Chair of University Court.

The The academic year also academic year also continued to continued to be affected by be affected by a range of substantive macro a range of substantive macroeconomic challenges as outlined contextual factors section below. Following economic challenges as outlined contextual factors section below. Following Professor Rigby’s commencement, and in recognition of the ongoing external and Professor Rigby’s commencement, and in recognition of the ongoing external and - fiscal challenges, a mid fiscal challenges, a mid-year year review of the strategic environment was c review of the strategic environment was conducted, onducted, and and a Tactical Plan was developed. a Tactical Plan was developed.

The The Tactical Plan retained Tactical Plan retained key key elements elements of of the the original original planned planned Top Top 7 priorities along 7 priorities along with new areas of focus with new areas of focus, , such as such as academic academic and professional services and professional services reviews reviews. . The The reviews reviews reflect reflected ed on areas of strength a on areas of strength as s well as well as opportuni opportunities ties to to support support our our return return to financial sustainability to financial sustainability, , while while continuing to continuing to deliver deliver our mission our mission and and set us up for set us up for long term long term success. The success. The Tactical Tactical P Plan lan timespan cover timespan covered ed the remainder of AY 2024/25 the remainder of AY 2024/25 as well as AY 2025/26 and a formal transition to this plan was noted by University as well as AY 2025/26 and a formal transition to this plan was noted by University Court Court in March. Progress against the annual and tactical priorities is outlined in in March. Progress against the annual and tactical priorities is outlined in Delivering our Priorities Delivering our Priorities below. below.

Alongside this Alongside this plan plan, , important changes were made to our important changes were made to our executive executive University University Leadership Team Leadership Team, , in including cluding the the establishment establishment of a fixed term of a fixed term Assistant Principal Assistant Principal for for External Engagement, External Engagement, t to o give focus and energy to thrive both now and in the medium give focus and energy to thrive both now and in the medium term, alongside delivering cost savings. term, alongside delivering cost savings. Role changes are outlined in General Role changes are outlined in General Information Information, , s see ee page page 57 57. .

Looking forward Looking forward

Whilst our mission and purpose are enduring Whilst our mission and purpose are enduring, , Professor Rigby Professor Rigby has has announced announced a a University Strategy refresh University Strategy refresh to to reflect reflect our our academic academic f future uture focus focus and and strategic strategic priorities in the context of the priorities in the context of the ongoing ongoing challenges challenges and risks and risks facing the sector facing the sector, , which which will serve will serve as the basis for future planning. as the basis for future planning.

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purpose during 2025/26, while addressing our long term financial sustainability, is set
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Contextual Factors Contextual Factors

The The following section covers following section covers contextual factors which had a material impact on the contextual factors which had a material impact on the University’s planning, delivery and performance in the 2024/ University’s planning, delivery and performance in the 2024/25 25 financial year financial year, , and highlights and highlights key risks and uncertainties key risks and uncertainties, , many many of which are expected to continue in 2025/ of which are expected to continue in 2025/26. 26.

Macro Macro-economic economic : F Factors actors

At the end of the previous financial year, At the end of the previous financial year, Consumer Price Index (CPI) inflation was Consumer Price Index (CPI) inflation was on a downward trend, having retreated on a downward trend, having retreated

from previously high levels from previously high levels. . However, CPI However, CPI inflation rose again from 2.2% in August inflation rose again from 2.2% in August

2024 to c. 3. 2024 to c. 3.8% 8% in Ju in July ly 2025. The Bank of 2025. The Bank of

England attributes England attributes much much of this rise to of this rise to increases in household energy prices and increases in household energy prices and other regulated and administered prices. other regulated and administered prices.

S Seeking eeking to balance rising inflation and low to balance rising inflation and low

growth in the UK economy, the Bank of growth in the UK economy, the Bank of

England opted to make four quarter point England opted to make four quarter point cuts to the Official cuts to the Official Bank Rate, from 5.25% Bank Rate, from 5.25% in August 2024 to 4.25% in July 2025. in August 2024 to 4.25% in July 2025.

around the world saw around the world saw also also conflicts erupt conflicts erupt across borders with impacts on trade and across borders with impacts on trade and commodities, international student flows commodities, international student flows ; ; and and affect affect economic economic confidence. confidence.

The The continuing continuing unpredictable nature of unpredictable nature of the geopolitical environment the geopolitical environment carries carries the the potential to directly potential to directly and and significantly significantly impact impact on on the the institution’s institution's international international activities activities, , in additional to weighing on in additional to weighing on macroeconomic factors such as inflation , macro-economic factors such as inflation, growth growth in the economy in the economy and and the labour the labour market market. . This This uncertainty uncertainty was was and and remains remains a a significant risk significant risk for for the University the University factored into factored into the planning and delivery the planning and delivery of of our our activities. activities .

In addition to increasing costs In addition to increasing costs to to the the institution, inflation and institution, inflation and cost-of-living cost - ofliving increases increases presen presented ted challenges to challenges to many many students students, , with the risk of adverse with; the risk; of adverse impact impact on on student engagement, experience student engagement, experience ; progression and retention progression and retention. . In response, In response, t the he University University; developed developed initiatives initiativesoo to to identify ;identify; and support students in need. and support students in need. S Significant ignificant economic economic uncertainty uncertainty resonated across resonated across the the globe globe and the UK and the UK through through the the introduction introduction of tariffs by the of tariffs by the new United States new United States a administration dministration in in 2025 2025. . P Political olitical tensions tensions in many regions in many regions

Public Public Funding Funding and and F Fiscal iscal F Factors actors

Public funding for higher education and Public funding for higher education and research continued to be constrained this research continued to be constrained this year. The Scottish Government budget for year. The Scottish Government budget for this financial year, announced in this financial year, announced in

December 2023, saw total public funding December 2023,a saw total public funding

for Scottish universities decrease by 2.8% for Scottish universities decrease by 2.8%

in cash terms, o in cash terms, or r a drop of £32.3 million a drop of £32.3 million. . ( (Source: Source: https://www.universities ~~https://www.universities-~~ - ~~scotland.ac.uk/universities-scotland-respond-to-~~ scotland.ac.uk/universities - scotland - respondto-

the ~~the-scottish-governments-budget-for-2024-25/).~~ - scottish - governments - budgetfor2024 - 25/ ). This This included a cash increase of 4.7% for included a cash increase of 4.7% for

university budgets covering research, university budgets covering research,

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innovation and buildings (£16.2m) but a innovation and buildings (£16.2m) but a significant cash cut of 5.9% (£48.5 significant cash cut of 5.9% (£48.5m) m) in in university teaching research budgets. university teaching research budgets. In In the face of the face of inflation and increasing inflation and increasing volatility in the University’s environment volatility in the University’s environment described described in in Macro Macro-economic - economic above above, , t the he chronic underfunding of higher education chronic underfunding of higher education resulted in resulted in increased financial increased financial pressure on pressure on the institution the institution and and the the wider sector. wider sector. This This remains a key risk remains a key risk to to the institution the institution, , with with a programme of work on financial a programme of work on financial sustainability ongoing sustainability ongoing, , outlined outlined later in later in this section. this section.

The The UK Government UK Government unveiled unveiled i its ts budget budget in in the Autumn of 2024, which included an the Autumn of 2024, which included an announcement that employers' National announcement that employers’ National Insurance contributions Insurance contributions (NIC) (NIC) would would rise rise from 13.8% to 15% from 6 April 2025 and from 13.8% to 15% from 6 April 2025 and appl apply y to to UK universities as large UK universities as large employers. The threshold at which employers. The threshold at which employers begin paying NICs was also employers begin paying NICs was also reduced from £9,100 to £5 reduced from £9,100 to £5,000. ,000 . The The University and College Employers University and College Employers Association estimates that the changes Association estimates that the changes announced in the budget increase the UK announced in the budget increase the UK higher education higher education's sector ’s sector pay bill by 2.1%. pay bill by 2.1%. In Scotland, the increased wage bill In Scotland, the increased wage bill for for the sector was estimated to range the sector was estimated to range between c. £45m and c. £60m. between c. £45m and c. £60m.

Following on from the Scottish Teachers’ Following on from the Scottish Teachers’

Pension Scheme employer contribution Pension Scheme employer contribution

rate increase from 23.0% to 26.0% from 1 rate increase from 23.0% to 26.0% from 1

April 2024, the April 2024, the Scottish Scottish Funding Council Funding Council

(the (the SFC) SFC ) announced announced that additional that additional

funding would be provided to affected funding would be provided to affected institutions. Edinburgh Napier received a institutions. Edinburgh Napier received a one one-off - off payment of c. £1.3m in February payment of c. £1.3m in February 2025 to help mitigate these costs. 2025 to help mitigate these costs.

Scottish and UK Government Scottish and UK Government R Reforms eforms

The The sustainability of sustainability of the the Scottish Scottish higher higher education funding education funding model model came came into the into the spotlight spotlight this this financial year with extensive financial year with extensive news coverage and discussions news coverage and discussions between between the sector the sector and and Government, Government, including in including in the context of the passage of the Tertiary the context of the passage of the Tertiary Education and Training Bill in the Scottish Education and Training Bill in the Scottish Parliament Parliament. . We We expect that th expect that this is critical critical issue w ill continue to be debated, issue will continue to be debated, particularly in the context of the particularly in the context of the approaching parliamentary elections approaching parliamentary elections in in May 202 May 2026. 6. We expect We expect any any decisions decisions on on changes to the current Scottish Funding changes to the current Scottish Funding model model will be for the next Parliament and will be for the next Parliament and Government. Government.

The SFC The SFC progressed progressed the rollout of its the rollout of its assurance and accountability framework. assurance and accountability framework. This This financial year marked the end of the financial year marked the end of the outcome agreement model which has outcome agreement model which has been replaced by a set of annual been replaced by a set of annual submissions, accompanied by submissions, accompanied by engagement events arranged on a engagement events arranged ona quarterly basis. This included the quarterly basis. This included the - production and submission of a Self production and submission of a SeltEvaluation Action Evaluation Action Plan (on teaching and Plan (on teaching and quality arrangements), a Research quality arrangements), a Research Assurance and Accountability Return (on Assurance and Accountability Return (on research and innovation activities) as well research and innovation activities) as well - as the development of a 5 as the development of a 5-year year

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uncertain and challenging, and uncertain and challenging, and remains remains a a Sponsored by Academic Board, the Sponsored by Academic Board, the key risk factor. key risk factor. The The University University continued continued University undertook an academic University undertook an academic to to purpose a pipeline purpose a pipeline of projects across a of projects across a strategic refresh based on quantitative strategic refresh based on quantitative range of courses and territories to range of courses and territories to build build and qualitative insights into our current and qualitative insights into our current resilience on our international income resilience on our international income areas of excellence and future areas of areas of excellence and future areas of streams. streams. focus. The aims of this work included the focus. The aims of this work included the Cybersecurity risks continued to feature Cybersecuritya[risks][continued][to][feature] identification of areas fo identification of areas for r growth, growth, highly on our risk register as universities highly on our risk register as universitiesa enhancement or development, a view on enhancementoo or development, a view on the institution’s current academic the institution's current academic - are known to be targets for cyber are known to be targets for cyber-hacking hacking oo groups and entities, with a significant groups and entities,/ with a significanta structures and indications of ways to structures; and; indications of waysa to programme of activity around programme of activity- around focus university efforts to deliver its core focus— university; efforts to deliver—its core oo missions in the future. The quantitative preparedness and mitigation preparedness and mitigation – — including including missions in the future. The quantitative. the implementation of a 24/7 Managed the implementation of a 24/7 Managed review considered matters of efficiency of review considered matters of efficiency of Detection & Response Service. Detection & Response Service. progra programmes mmes alongside the student alongside the student experience and outcomes perspective. experience and outcomes perspective. The The University he University University continue continued d to carefully to carefully to carefully The The findings of the reviews were findings of the the reviews were were monitor monitor how how how ArtifiArtifi Artificial cial Intelligence Intelligence (AI) and (Al) and presented to Academic Board and presented to Academic Academic Board and AI tools Al tools are driving change in the are driving change change in the way way way University Court in the early summer. University Court in the early summer. summer.

The The University he University University continue continued d to carefully to carefully to carefully The The findings of the reviews were findings of the the reviews were were monitor monitor how how how ArtifiArtifi Artificial cial Intelligence Intelligence (AI) and (Al) and presented to Academic Board and presented to Academic Academic Board and AI tools Al tools are driving change in the are driving change change in the way way way University Court in the early summer. University Court in the early summer. summer. people people learn and work learn and work as as well as changing well as changing a In tandem with these activities, the In tandem with these activities, the the labour market the labour market and and technological technological ; ; University continued to adopt a financially advancements advancements, , whilst raising whilst raising_ crucial crucial University continued; to adopt; a financially prudent approach, including careful questions about questions about ethics ethics and and sustainability sustainability.oo . prudent approach, including; careful management of management of banking banking facilities facilities and and : : : . : covenant compliance, backed by strong covenant compliance, backed by stron Financial Financial S Sustainability ustainability R Risk isk P y 5 ae gs financial monitoring and controls. financial monitoring and controls. The M Mitigation itigation The University University continued continued its existing policy to its existing policy to In the Spring of 2025, the University In the Spring of 2025, the University ; re only appoint or replace staff in critical only appoint or replace staff in critical began a programme of activity focusing began a programme of activity focusin ; ; Prog Y 6 roles during 2024/ roles during 2024/25. 25. It also is It also is on financial sustainability. This on financial sustainability. This ar , , considering delaying a large capital spend considering delaying a large capital spend programme of activity included the programme of activity included the v. programme which included, amongst programme which included, amongst development of a tactical plan to focus on development of a tactical plan to focus on ae ae other objectives, a significant other objectives, a significant short short- and longer and longer-term - term opportunities. opportunities. 6 PP refurbishment of the institution’s refurbishment of the institution's Merchiston campus. Merchiston campus.

13 13

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Delivering our Priorities

The The following section summarises key areas of focus and progress following section summarises key areas of focus and progress over 2024/25 over 2024/25 based on based on our annual plan and tactical priorities. our annual plan and tactical priorities.

Income Growth and Protection Income Growth and Protection

Given the rapidly changing external circumstances, delivering and expediting priority income Given the rapidly changing external circumstances, delivering and expediting priority income streams and protecting those at risk was prioritised through the following activities: streams and protecting those at risk was prioritised through the following activities:

Enhancing Enhancing I International nternational S Student tudent P Provision rovision on on Campus Campus

Following its launch in 2023, our Following its launch in 2023, our

embedded pathway college, Edinburgh embedded pathway college, Edinburgh Napier University International College, Napier University International College,

(ENUIC) has grown, increasing their (ENUIC) has grown, increasing their

student intake this year and making student intake this year and making

notable improvements in retention and notable improvements in retention and

progression, reflecting the focus o progression, reflecting the focus on n

support and integration of this welcome support and integration of this welcome

and diverse community. and diverse community. Future growth is Future growth is

looking positive looking positive, , with new undergraduate with new undergraduate

programmes being approved for programmes being approved for

Business, Computing, and Hospitality, Business, Computing, and Hospitality, Tourism Tourism & Events Management, as well & Events Management, as well

as a new Nursing access cour as anew Nursing access course se for the for the

BN Adult Nursing course. This venture BN Adult Nursing course. This venture

remains a significant part of our future remains a significant part of our future

growth platform. growth platform.

Management students. Focus next year Management students. Focus next year will be on continuing to embed this as a will be on continuing to embed this as a

standard offering with additional standard offering with additional

programmes brought on stream. programmes brought on stream.

Further developing Transnational Further developing Transnational Education (TNE) and Online Provision Education (TNE) and Online Provision

Supporting the continued development Supporting the continued development

and enhancement of our offering to and enhancement of our offering to

international students who do not join us international students who do not join us

on campus remained a core feature of our on campus remained a core feature of our

growth plans, being less exposed to growth plans, being less exposed to

potential changes in potential changes in the the UK immigration UK immigration context. context.

In year we developed a In year we developed a large-scale largescale new new partnership partnership model model with with Capital Capital Universities Foundation in Egypt Universities Foundation in Egypt to to deliver Edinburgh Napier Degrees in deliver Edinburgh Napier Degrees in partnership partnership, , due due to to start start in September in September 2025, with initial 2025, with initial cohorts across 5 cohorts across 5 programmes. programmes.

We We worked worked with with ANT1 ANT1 MediaLab in MediaLab in

Greece to Greece to deliver deliver Edinburgh Napier Edinburgh Napier

Degrees in partnership, with first intakes Degrees in partnership, with first intakes

15 15

during AY 2025/26 during AY 2025/26. . We also approved We also approved two new programmes two new programmes for for launch launch with our with our partner MDIS in Uzbekistan, with partner MDIS in Uzbekistan, with students students due due to to start start their MDIS their MDIS foundation year in October 2025 prior to foundation year in October 2025 prior to progressing onto Edinburgh Napier progressing onto Edinburgh Napier d degrees egrees in 2026. in 2026.

THE BUSINESS SCHOOL THE BUSINESS SCHOOL

In collaboration with our existing Global In collaboration with our existing Global Online partner, Stafford Global, Online partner, Stafford Global, our our Business School Business School will launch their MBA will launch their MBA, , programme with 13 specialisms, in programme with 13 specialisms, in September 2025 in Saudi Arabia. This September[2025][in] ;[Saudi][Arabia.][This] ; programme adopts an innovative programme adopts an innovative ; , approach to learning and teaching approach to learning and teaching which combines a selection of Global which combines a selection of Global Online and Blended modules that have Online and Blended modules that have been designed to target working been designed to target working professionals professionals and be relevant to both and|be relevant to both the local and expat community in Saudi ATE Me Eli eG Co MCTMMTANY See Arabia. Arabia.

Maximising Maximising Home Home Students Students

A key focus of the year has been A key focus of the year has been

prioritising our recruitment approaches to prioritising our recruitment approaches to

ensure we can welcome as many of our ensure we can welcome as many of our

home students as possible, ensuring that home students as possible, ensuring that

we meet our funded population as well as we meet our funded population as well as

widening access targets. widening access targets.

We made We made numerous numerous improvements to our improvements to our recruitment systems and processes recruitment systems and processes, , ; ; ; ; ae including upgrading our direct application including upgrading our direct application

form and making enhancements to our form and making enhancements to our ;

CRM to improve response rates and CRM to improve response rates and

applicant nurture and conversion applicant nurture and conversion, , inc including luding a new facility a new facility regarded as regarded as game game-

changing changingfor for the the teams teams involved involved in in

supporting students to join us through supporting students to join us through

Clearing Clearing, .

We We also also made made a strategic decision to a Strategic decision to

invest in invest in expanding expanding specialist facilities specialist facilities in in

our School of Arts and Creative Industries our School of Arts and Creative Industries , ; ; to to enable enable increase increased d offers into high offers into high

demand programmes previously capped demand programmes previously capped

due to space constraints. due to space constraints.

: . Developing our Portfolio Developing our Portfolio

Across all our delivery models, be they on Across all our delivery models, be they on campus, online or in partnership, a focus campus, online or in partnership, a focus

has been on ensuring that our has been on ensuring that our

programmes remain attractive and fresh programmes remain attractive and fresh

and meet areas of demand and need. and meet areas of demand and need.

We We adopted adopted a targeted approach to a targeted approach to monitoring and expediting the monitoring and expediting the

16 16

development of priority programmes development of priority programmes, , enabling the launch of over 34 new enabling the launch of over 34 new programmes in year. programmes in year.

growth in income year growth in income year-on-year - onyear due to due to strong student recruitment to that strong student recruitment to that programme. programme.

Working in partnership Working in partnership with with colleges colleges Ensuring Ensuring Student Student R Retention etention remains a critical part of our ethos, and remains a critical part of our ethos, and Following on from last year’s focus on Following on from last year’s focus on with direct entry populations at risk due with direct entry populations at risk due ; ;

to a decline in students going into to a decline in students going into student belonging and retention student belonging and retention, , the the Department of learning & Teaching

colleges, we have worked with our colleges,[we][have][worked][with][our] Department of learning & Teaching Enhancement successfully continued

college partners to explore various college partners to explore various, Enhancement successfully continued their programmes of activity: Staff

ways to increase entry by considering ways to increase; entry by consideringar their programmes of activity: Staff Belonging, Engagement and

alternative delivery models alternative delivery models that that Belonging, Engagement and Development; Student Belonging,

recognise the local economic factors at recognise the local economic factors at Development; Student Belonging, Engagement and Academic Development;

play for students. play for students. Engagement and Academic Development; Curriculum Design with Focus on Curriculum Design with Focus on

For example, w example, we we e have been exploring have been exploring Assessment; and Module Triage and Assessment; and Module Triage and opportunities to support much opportunities to support much-needed much-needed - needed Partnership for Enhancement. Partnership for Enhancement.

For example, w For example, we we e have been exploring have been exploring opportunities to support much opportunities to support much-needed much-needed - needed numbers coming into nursing, with numbers coming 6 into nursing, with discussions ongoing with discussions ongoing with Government, Government, colleges and other stakeholders. We have colleges and other stakeholders. We have also undertaken three pilot micro also undertaken three pilot micro credentials projects to identify ways in credentials projects to identify ways in which we could make our provision more which we could make our provision more - accessible, particularly for life accessible, long learners. learners. particularly for life-long

Noting the different needs of our Noting the different needs of our

community of community of international international students students, , a a

series of engagement focus groups were series of engagement focus groups were

held with the outcomes from this held with the outcomes from this ; research used to develop an research used to develop an International International ;

Student Retention Student Retention project project sponsored by sponsored by the Student Success Group – which will the Student Success Group — which will be implemented during be implemented during the the coming year. coming; year. The The Keep on track Team also successfully Keep on track Team also successfully

migrated over to a migrated over to new CRM system anew CRM system for for

case management helping to streamline case management6 helpingPINE to streamline

processes, provide improved reporting processes, provide improved reporting

and enable the team to better manage and enable the team to better manage

cases for improved student experience. cases for improved student experience.

THE SCHOOL OF HEALTH AND SOCIAL THE SCHOOL OF HEALTH AND SOCIAL

CARE CARE

Demand for physiotherapy education is Demand for physiotherapy education is

high with year high with year-on-year - onyear income income

increasing by around 20%. Additionally, increasing by around 20%. Additionally,

the BSc Nursing programme delivered the BSc Nursing programme delivered

as part of the TNE portfolio in as part of the TNE portfolio in

Singapore has seen an almost 12% SMe ore Tes See) Bn allies. 1

We We have have seen a seen an n increase in Positive increase in Positive

Progression Progression (PP), (PP), the University’s the University’s leading leading

17 17

measure of student academic outcomes. measure of student academic outcomes. The The metric measures whether a student metric measures whether a student is eligible to continue onto the next year is eligible to continue onto the next year of their programme, or, whether they gain of their programme, or, whether they gain the intended award for the current stage the intended award for the current stage of their programme. of their programme.

At the close of Trimester 2 PP for UGFT At the close of Trimester 2 PP for UGFT Scottish students 2024/25 was 75.1% Scc ot tishtish studstud e ntsnts 2024/25 was +5 75.1%14 overall overall, , which is an increase of 0.9% which is an increase of 0.9%

points compared to the previous year, and points compared to the previous year, and

we would typically expect a further ca14% we would typically expect a further ca14% of the student population will achieve a of the student population will achieve a positive outcome following successful positive outcome following successful engagement with reassessment. This slight improvement has continued the slight improvement has continued the

welcome increase in recent years welcome increase in recent years -

with %PP returning to pre with %PP returning to pre-pandemic pandemic levels. The area still slightly lagging is levels. The area still slightly lagging is

the %PP of Entrants, which although the %PP of Entrants, which although

increased by 0.4 increased by 0.4% % points to 71.1%, is still points to 71.1%, is still - below pre below pre-pandemic pandemic levels. levels.

Building Strategic Partnerships Building Strategic Partnerships

Our Our Mountain Mountain Bike Innovation Centre Bike Innovation Centre

Project Project has has successfully successfully overcome overcome

challenges challenges - - with the South of Scotland with the South of Scotland

Enterprise Enterprise led construction project led construction project

pivoting from renovation of the Caerlee pivoting from renovation of the Caerlee

Mill building to a new build due to the Mill building to a new build due to the

poor condition and escalating costs poor condition and escalating costs

associated with a historic building associated witha historic building - - and and is is

on track for a 2027 opening. T on track fora 2027 opening. Through hrough the the

year we have year we have also also had had a range a range of of major major

successes with Edinburgh Napier successes with Edinburgh Napier-led - led research, innovation and knowledge research, innovation and knowledge exchange projects exchange projects including including a a Knowledge Knowledge Transfer Transfer Partnership Partnership and and a a Bicycle Bicycle Association of GB European Institute of Association of GB European Institute of Innovation and Technology (EIT) Urban Innovation and Technology (EIT) Urban Mobility funded projec Mobily funded! project, t, as as well as well as being being one of 10 international universities one of 10 international universities awarded access to Strava data for awarded access to Strava data for research during 2025. research during 2025.

THE THE SCHOOL OF APPLIED SCIENCES SCHOOL OF APPLIED SCIENCES

Innovate UK funded a Knowledge Innovate UK funded a Knowledge Transfer Partnership (KTP) in 2025/26 won by won by Edinburgh Edinburgh Napier University Napier University and and Trash Trash Free Trails Free Trails. . Edinburgh Napier Edinburgh Napier leads, leads, Professor Tom Campbell and Dr Professor Tom Campbell and Dr Hollie Fountain Hollie Fountain, , gained this gained this £235k £235k KTP KTP linked linked to to industry industry connections through connections through the Mountain Bike Centre Hig Peuinsstin Be Cerise .

Following the development of a Following the development of a strategic strategic external engagement framework external engagement framework centred centred around 4 thematic segments, a pilot of around 4 thematic segments, a pilot of the the ‘Health’ theme ‘Health’ theme was was conducted and conducted and was a successful forum for initiating was a successful forum for initiating cross cross-functional - functional engagement and engagement and collaboration between colleagues to collaboration between colleagues to explore opportunities such as a health explore opportunities such as a health hub, collaborations with other hub, collaborations with other Higher Higher Education Institutions ( Education Institutions (HEIs), HEIs ), and and commercialisation opportunities. The commercialisation opportunities. The initiative is being evaluated in the context initiative is being evaluated in the context of a renewed focus on external of a renewed focus on external

18 18

engagement by the new Assistant engagement by the new Assistant Principal Principal for External Engagement. for External Engagement.

AI being discussed, Al being discussed, with CGI also with CGI also sponsor sponsoring ing a PhD studentship a PhD studentship. .

The strategic partnership between The strategic partnership between Edinburgh Napier Edinburgh Napier and and global IT consulting global IT consulting firm firm CGI CGI is enabling exploration of a is enabling exploration of a range range of exciting project opportunities, with of exciting project opportunities, with several joint external funding applications several joint external funding applications having been submitted and topics around having been submitted and topics around

We have continued our focus on We have continued our focus on developing a pipeline of developing a pipeline of KTPs KTPs across across all all Schools, with increased recourses Schools, with increased recourses available for staff on the intranet and we available for staff on the intranet and we have been part of supporting the have been part of supporting the celebration of KTP@50 years. celebration of KTP@50 years.

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Size, Shape & Efficiency Size, Shape & Efficiency

Key elements of the Tactical plan developed shortly after Professor Rigby’s arrival included Key elements of the Tactical plan developed shortly after Professor Rigby’s arrival included new new size and shape size and shape initiatives to support alignment of resources towards recovery, initiatives to support alignment of resources towards recovery, resilience and lowering cost. resilience and lowering cost.

Academic Size & Shape Academic Size & Shape

In March 2025 Academic Board agreed, to In March 2025 Academic Board agreed, to - sponsor a ten sponsor a ten-week week academic strategic academic strategic refresh based on quantitative and refresh based on quantitative and qualitative insights into our current areas qualitative insights into our current areas of excellence and future areas of focus. of excellence and future areas of focus.

qualitative analysis identified as range of qualitative analysis identified as range of academic strengths which mapped academic strengths which mapped extremely well onto external priorities extremely well onto external priorities and labour market demand, knowledge and labour market demand, knowledge exchan exchange ge and research at a local, regional and research at a local, regional and global level. and global level.

The The Deputy Vice Chancellors led a Deputy Vice Chancellors led a Quantitative Review Quantitative Review of of the academic the academic portfolio, with a deep dive carried out on a portfolio, with a deep dive carried out ona School School-by-School - bySchool basis, focussing on a basis, focussing ona range of KPIs, to identify trends and range of KPIs, to identify trends and recommendations to improve financial recommendations to improve financial sustainability and performance. The sustainability and performance. The review identified a series of actions review identified a series of actions report reported ed to Academic Board and Court, to Academic Board and Court, which will be implemented in AY 2025/26 which will be implemented in AY 2025/26 in conjunction with outputs from the in conjunction with outputs from the Qualitative Review and Professional Qualitative Review and Professional Services Review as follows. Services Review as follows.

The The ‘Our Academic Future’ ‘Our Academic Future’ Qualitative Qualitative Review Review was was led by Professor Rigby. Over led by Professor Rigby. Over 10 weeks, 252 academic staff, and 105 10 weeks, 252 academic staff, and 105 professional service colleagues, alongside professional service colleagues, alongside student representatives took part in open student representatives took part in open discussion around a map of our external discussion around a map of our external landscape. The workshops were primarily landscape.P The workshops P were P primaril Y face face-to-face - toface but wi but with th the option of the option of contributing online open to all. The contributing online open to all. The

The The analysis also found a commonality of analysis also found a commonality of thought centred around the following key thought centred around the following key message: message: ‘We teach inclusively, and our ‘We teach inclusively, and our graduates move into professional graduates move into professional employment’ employment’, , and and ‘Our research solves ‘Our research solves problems that matter to people outside problems that matter to people outside the University and make change happen’ the University and make change happen’. .

The workshops The workshops also identified a ‘snag’ list also identified a ‘snag’ list which will be addressed over time which will be addressed over time through system change and development. through system change and development.

Professional Services Size & Shape Professional Services Size & Shape

With an appropriate lag to enable With an appropriate; lag to enable connectivity between the outputs of the connectivity between the outputs of the Academic Size & Shape Exercises, a Academic Size & Shape Exercises, a Professional Services Review Professional Services Review was was led by led by the Director of People the Director of People, , IS and IS and Student Student Services Services. .

. A set of principles was developed along A set of principles was developed along with four key pillars of work. Progress in with four key pillars of work. Progress in op year was on the first pillar ‘immediate year was on the first pillar ‘immediate

20 20

action’ action’ – — involving the identification of involving the identification of cost savings, efficiencies and duplication, cost savings, efficiencies and duplication, - review of projects, identification of non review of projects, identification of nonpay savings pay savings — – underpinned underpinned by a short by a short survey for survey for professional professional service service colleagues colleagues to feed in ideas. to feed in ideas.

Outputs from this first pillar will inform Outputs from this first pillar will inform

key strands of work during AY 2025/26 key strands of work during AY 2025/26

with the other three pillars, considering with the other three pillars, considering

Our Academic Future Focus, a review of Our Academic Future Focus, a review of

our Front Door (all externally facing our Front Door (all externally facing

activity), and Future activity), and Future — – with with a focus on a focus on

income generatio income generation, n, technology solutions technology solutions

and student lifecycle. and student lifecycle.

Process & System Efficiencies Process & System Efficiencies

Existing Existing strands of work continued strands of work continued during during the year the year, , including the focus on including the focus on Assessment and Feedback Assessment and Feedback, , with projects with projects such as a change to the taught post such as a change to the taught post graduate grading scale to improve graduate grading scale to improve student experience, simplify marking for student experience, simplify marking for

staff, staff, and and align with sector standards and align with sector standards and undergraduate marking schemes being undergraduate marking schemes being successfully progressed. successfully progressed.

This This year year an an academically academically led led collaborative collaborative project project saw saw the launch of a the launch of a new new Academic Academic Portal ; Portal to provide to provide academic colleagues academic colleagues, , personal personal development tutors (PDTs) development tutors (PDTs) and and senior senior school administrators with one school administrators with one-stopstopshop, role shop, role-based - based access to all the data access to all the data and resources they need to support our and resources they need to support our students students. .

This This and other i and other initiatives nitiatives to enhance staff to enhance staff Work Wellbeing Work Wellbeing from from the last Your Voice the last Your Voice survey survey have been delivered have been delivered. . S Staff taff feedback continues to feedback continues to drive drive the the approach approach we take we take to to efficiency and effectiveness efficiency and effectiveness. . Looking forward Looking forward we we will will continue continue to to act act on on suggestions suggestions, , including those including those identified identified out of the academic and professional out of the academic and professional service reviews. service reviews.

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engagement engagement, , with our latest with our latest Your Your

Voice Voice pulse pulse survey running between May survey running between May

data data-driven - driven decisions to improve the decisions to improve the colleague experience. colleague experience.

years’ service years’ service, , with 2 with 24 4 individuals being individuals being personally personally recognised recognised on on 7 7 March March 2025 2025 on Colleague Appreciation Day on Colleague Appreciation Day. .

In line with our In line with our agile agile listening approach alistening; approach, ,

we continue to use different feedback we continue to use different feedback feedback channels, including in channels, including in-the-moment - the-moment feedback at Principal’s Views feedback at Principal's Views, , with the with the timing of our next pulse survey to be timing of our our next pulse survey to be scheduled scheduled in line with University priorities in line with University priorities

most likely most likely in the first half of in the first half of next next next year year. .

we continue to use different feedback we continue to use different feedback feedback As a result of our ongoing review of As aresult of our ongoing review of channels, including in channels, including in-the-moment - the-moment coll colleague eague benefits benefits, , a partnership with a partnership with feedback at Principal’s Views feedback at Principal's Views, , with the with the Affinity Connect, a financial education Affinity Connect, a financial education timing of our next pulse survey to be timing of our our next pulse survey to be provider specialising in public sector provider specialising in public sector scheduled scheduled in line with University priorities in line with University priorities pensions pensions, , was launched earlier this year. was launched earlier this year.

most likely most likely in the first half of in the first half of next next next year year. . Feedback has been very positive with Feedback has been very positive with

Last year Last year our our Reward & Recognition team Reward & Recognition- team over 150 colleagues attending awareness over 150 colleagues attending awareness sessions with many choosing to take

undertook a undertook comprehensive review as to sessions with many choosing to take advantage of a one - toone follow up call

how we how celebrate colleague a comprehensive review as to advantage of a one-to-one follow up call we celebrate colleague for more personalised advice. In line with for more personalised advice. In line with contributions contributions, , including length of service, including length of service, oo our commitment to sustaina bility and to

everyday recognition, and our annual everyday our commitment to sustainability and to

recognition, and our annual complement complement our our existing salary sacrifice existing salary sacrifice recognition event , with some changes recognition event, with some changes benefits, an environmentally friendly car benefits, an environmentally friendly car being implemented being implemented that year that year. . This This year year, , - salary sacrifice scheme was also

d due ue to ongoing financial pressures in the to ongoing financial pressures in the salary sacrifice scheme. was also launched, allowin launched, allowing g eligible colleagues to eligible colleagues to sector sector the the annual recognition event was annual recognition event was ; . lease a car while making income tax and lease a car while making income tax and not held and proposals for future not held and proposals for future national insurance savings national insurance savings recognition initiatives paused recognition initiatives paused, , with with actions actions focused on embedding focused on embedding A A new new new colleague colleague colleague intranet intranet was was was designed, designed, recognition into everyday practice recognition into everyday practice. . This This built and launched after extensive built and and launched after extensive included the delivery of the Success included the delivery of the Success consultation with colleagues, with user consultation with colleagues, with user P Pathway athway development programme which development programme which experience at the heart of the project. It is experience at the the heart of the the project. It is featured training sessions on featured training sessions on building a building a navigated through intuitive overarching navigated through intuitive overarching

feedback culture, coaching feedback culture, coaching themes and is a key internal themes and is a key internal conversations, and the power of conversations, and the power of communications and collaboration tool. In communications and collaboration tool. In recognition recognition. . Individual teams have also Individual teams have also addition, addition, a new document centre was anew document document centre was was integrated recognition into local action integrated recognition into local action launched housing content that needs to launched housing content that needs that needs needs to

plans. plans. be accessible to the public. be accessible to the the public.

A A new new new colleague colleague colleague intranet intranet was was was designed, designed, built and launched after extensive built and and launched after extensive consultation with colleagues, with user consultation with colleagues, with user experience at the heart of the project. It is experience at the the heart of the the project. It is navigated through intuitive overarching navigated through intuitive overarching

themes and is a key internal themes and is a key internal

communications and collaboration tool. In communications and collaboration tool. In addition, addition, a new document centre was anew document document centre was was

launched housing content that needs to launched housing content that needs that needs needs to

be accessible to the public. be accessible to the the public.

The The University continues to celebrate University continues to celebrate colleagues who reach the colleagues who reach the milestone of 25 milestone of 25

23 23

Infrastructure & Estates Infrastructure & Estates

Project VISION Project VISION is is our our strategic project strategic project

designed to support the delivery of the designed to support the delivery of the

University’s broader strategy, Shaping University’s broader strategy, Shaping

Our Future: Driving Distinctiveness, Our Future: Driving Distinctiveness,

through development of an ambitious through development of an ambitious 10 10- -

year Estates and Infrastructure Plan year Estates and Infrastructure Plan. .

Project Project VISION VISION made made significant progress significant progress in this period through stakeholder in this period through stakeholder

engagement, surveys, options analyses engagement, surveys, options analyses

and costings, culminating in the and costings, culminating in the

conclusion of RIBA 1 (Royal Institute of conclusion of RIBA 1 (Royal Institute of

Architects) process. However, given the Architects) process. However, given the

change in context, not just in terms of a change in context, not just in terms of a

reduced student growth profile compared reduced student growth profile compared

to that upon which the masterplan was to that upon which the masterplan was

based, but the clear need to place priority based, but the clear need to place priority

focus on financial recovery and academic focus on financial recovery and academic

future alignment, future alignment, it was decided to close it was decided to close

Project VISION in its current form and Project VISION in its current form and

pause pause further further investment towards RIBA. investment towards RIBA.

The The significant information and learnings significant information and learnings to date are instead being refocused to date are instead being refocused towards an towards an Interim Estates & Interim Estates & Infrastructure Action Plan and Infrastructure Action Plan and Maintenance Strategy Maintenance Strategy, , intended to intended to address short to medium address short to medium-term - term needs. needs. These These w will ill include critical maintenance include critical maintenance requirements, some limited enhancement requirements, some limited enhancement and sustainability projects informed by and sustainability projects informed by input from the Environmental input from the Environmental Sustainability Board of Governance and Sustainability Board of Governance and

any enabling works required to support any enabling works required to support growth whilst improving space utilisation. growth whilst improving space utilisation.

This This year year a a range of range of enabling enabling projects and projects and campus upgrades campus upgrades have have been completed been completed on to improve estate utilisation (merging on to improve estate utilisation (merging smaller classrooms to create medium smaller classrooms to create medium sized classrooms sized classrooms- improving space and improving space and teaching efficiencies) and targeted teaching efficiencies) and targeted interventions such as creation of new interventions such as creation of new design studios to facilitate growth and design studios to facilitate growth and stude student nt experience. These types of experience. These types of targeted enabling works are expected to targeted enabling works are expected to continue as part of the Estates & continue as part of the Estates & Infrastructure Action Plan and Infrastructure Action Plan and Maintenance Strategy. Maintenance Strategy.

In addition to the various In addition to the various process process and and system system enhancements enhancements highlighted highlighted elsewhere in this report elsewhere in this report, , positive progress positive progress has been made has been made through through the year with the year with our our Digital Strategy Digital Strategy. . For example, For example, our our virtual virtual learning environment learning environment, , Moodle Moodle, , has been has been revampe revamped, d, with new with new user-friendly userfriendly templates templates and and integrated integrated wi with th key key systems systems such such as Teams, as Teams, to to give our staff give our staff an and d students a students amore more seamless and seamless and consistent experience. consistent experience.

We continued to deliver on our We continued to deliver on our security security

strategy strategy, , with with a new anew managed managed detection detection

and and response service and response service and by by making making

progress in progress in rolling out managed de rolling out managed devices vices

beyond our professional services beyond our professional services

24 24

colleagues to our colleagues to our academic academic community, community, helping to helping to reduce our risk profile reduce our risk profile. .

We We also also created a programme to address created a programme to address

application technical debt application. ; , which is being Oo

dove dove-tailed - tailed with the technicalwith the debt, necessary necessary which relet of reletis beingof major major applications applications — and system and systems s and and the the

modernis modernisationa ation of associated of associated process processes. es.

Looking forward further Looking forward further improvements to improvements to our our CRM CRM are planned are planned for a range of for a range of provision provision types, such as global online and types, such as global online and CPD CPD, , along along with exploring the opportunity with exploring the opportunity that AI offers in the learning and teaching that Al offers in the learning and teaching arena arena and and towards towards enabling more enabling more efficient efficient corporate corporate processes, processes, including including enhancing recruitment and student enhancing recruitment and student engagement interfaces engagement interfaces. .

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Our Core: Learning & Teaching, Research & Innovation

T Throughout hroughout the year we have maintained focus on our core operational imperatives ro the year we have maintained focus on our core operational imperatives rooted oted in our purpose in Our purpose. .

Our Learning & Teaching Our Learning & Teaching

Through Through the year w the year we e continue continued d to to assess assess our programmes against the our programmes against the ENhance ENhance curriculum framework curriculum framework using using our our Institutional Institutional-Led - Led Reviews (ILRs) Reviews (ILRs), , with with over 4 over 46.4% 6.4% of of our port our portfolio folio now now meeting meeting expectations of at least three of the five expectations of at least three of the five pillars pillars (research and practice integration, (research and practice integration, sustainability, inclusion, global outlook, sustainability, inclusion, global outlook, employability) employability) against a target of against a target of 45%. 45%. A A series of changes series of changes to to the the framework ha framework has s been been approved approved by our by our E Education ducation and and Student Student Experience Experience Committee and will Committee and will be be implemented implemented during 2025/26. during 2025/26.

Given our focus on Given our focus on building careers building careers, , we we were disappointed that were disappointed that ou our r annual annual Graduate Outcomes Graduate Outcomes survey showed a survey showed a further further slight decrease compared to last slight decrease compared to last year, with 7 year, with 74% 4% of our 202 of our 2022/23 2/23 UK UKdomiciled graduates in a domiciled graduates ina

managerial/professional role 15 months managerial/professional role 15 months after graduation after graduation. . However However, , the the average average for UK HEI’s for UK HEI’s also also decreased when decreased when compared with 2021/22 compared with 2021/22 cohort cohort, , reflecting reflecting an employment market an employment market that that has has become become more challenging during this period more challenging during this period, , with with Edinburgh Napier Edinburgh Napier remaining remaining above above the the average for UK HEI’s average for UK HEI’s and and consisten consistent t with with

the the Scottish Scottish sector sector. . The The same su same survey rvey for for those graduating from taught those graduating from taught

postgraduate degrees postgraduate degrees rose rose by by two two point points s

this this year year to 8 to 89% 9% - - although although remain remained ed

slightly slightly lower lower relative relative to to the the UK and UK and

Scottish average. Our Scottish average. Our results for both results for both

undergraduates and postgraduates in undergraduates and postgraduates in

positive destinations (work or further positive destinations (work or further

study 15 months after graduating) remain study 15 months after graduating) remain

within target within target at at 9 95%. 5%.

THE THE SCHOOL OF ARTS AND CREATIVE SCHOOL OF ARTS AND CREATIVE INDUSTRIES INDUSTRIES

2024/25 was another successful year 2024/25 was another successful year for a number of our current and for anumber of our current and

graduate students who have been graduate students who have been winners and recipients of various winners and recipients of various prestigious awards in Graphic Design, prestigious awards in Graphic Design, Creative Advertising, Product Design Creative Advertising, Product Design

and Photography. Many and Photography. Many

congratulations to them a congratulations to them all. ll.

We held our Annual Learning and We held our Annual Learning and Teaching Teaching Conference, Conference, The The Gathering, Gathering, with with

the theme of the theme of Supporting Supporting Diverse Learner Diverse Learner

Journeys Journeys, , with a rich programme with a rich programme

reflecting Scotland's Tertiary Education reflecting Scotland's Tertiary Education

Programme (STEP) priorities and the Programme (STEP) priorities and the

UN UNSDGs. SDGs . The day feature The day featured d over 50 over 50

26

schools. schools. Edinburgh Napier scored Edinburgh Napier scored 80% 80% for for

centres of excellence centres of excellence is is to to ensure that ensure that

and bespoke support for those looking to and bespoke support for those looking to turn ideas into ventures or to develop turn ideas into ventures or to develop their entrepreneurial mindset. their entrepreneurial mindset.

Scotland’s Nat Scotland's National ional Performance Performance Framework, the National Strategy for Framework, the National Strategy for Economic Transformation, the National Economic Transformation, the National Innovation Strategy for Scotland and the Innovation Strategy for Scotland and the themes of the Entrepreneurial Campuses themes of the Entrepreneurial Campuses review. review.

As part of this collaboration A s part+ ofof thisthis collaboration,collaborati , we we will also willlalalso be be offering specialist support offering specialist support across across each each ’ institution institution's s areas of expertise areas of expertise – — including including wellbeing, health, food and drink, creative wellbeing, health, food and drink, creative industries, tourism, design, engineering, industries, tourism, design, engineering, construction, computing, and AI. construction, computing, and Al.

wellbeing, health, food and drink, creative wellbeing, health, food and drink, creative Our vision is to catalyse and support Our vision is to catalyse and support industries, tourism, design, engineering, industries, tourism, design, engineering, regional and national economic regional and national economic construction, computing, and AI. construction, computing, and Al. development through KE and innovation, development through KE and innovation, and transfer the skills required to meet and transfer the skills required to meet We engaged in a rapid consultation We engaged in a rapid consultation the changing requirements of employers, the changing requirements of employers, process to develop our five process to to develdevelop our &five-year - year _ with a focus on building entrepreneurial with a focus on building entrepreneurial Knowledge Exchange and Innovation Knowledge Exchange and Innovation mindsets to support SMEs a mindsets to support SMEs and nd start start-ups. - ups. Fund (KEIF) Strategy Fundun (KEIF) Stratrategy, , which has now whichhich h has now ; _ been published on the SFC website. Our ' een publishednlished onon the the SEC website.website. 0 Our Importantly, we aim to do all of this in Importantly,, we, aim to doall of this in collaboration with external partners collaboration with external partners strategy seeks to be a bold, ambitious, strategy seeks to be a bold, ambitious, across further and higher education, across further and higher education, and forward and afforward-looking‘look - looking response to the response othto the , industry, and the public sector. industry, and the public sector. challenges of delivering meaningful and challenges of delivering meaningful and impactful KE and innovation in a rapidly impactful KE and innovation in a rapidly Finally Finally, , we we have established a have established a task task force force changing World. changing World. It It is articulated around is articulated around to to lead the lead the preparations for the next preparations for the next four pillars four pillars to to drive our activities, and drive our activities, and Research Excellence Framework Research Excellence Framework exercise, exercise, these support alignment to local and these support alignment to local and REF REF 2029. 2029. national objectives, including those within national objectives, including those within ail . seal ' — : oe ee Ol CE BR ER om ” ae =a _ Se—— 5 at 29 SSa<a es——————k= ZA rT ooy 203.202.a 201 200,199, 98,197yayI oO Pr 19,16)lil 108,—6716,, 105,10 Rei78 177 176 175 OB Me atk. 213, 212,211 20, 209 208 2 2nb, 205, 204,208,202 OT i 2h 22 1200 219.218 217,216, 21 = | O Wel ;

Environmental Sustainability

Our environmental sustainability commitments are embedded within our University Our environmental sustainability commitments are embedded within our University Strategy Strategy, , and we continued to focus efforts on and we continued to focus efforts on our net zero carbon target; our academic, our net zero carbon target; our academic, research and professional expertise; and embedment of the UNSDGs throughout our work. research and professional expertise; and embedment of the UNSDGs throughout our work.

Strategy & Governance Strategy & Governance

In response to a positive internal audit In response to a positive internal audit

constructive constructive updates updates were were made made to the to the

Environmental Sustainability Strategy Environmental Sustainability Strategy

(ESS) (ESS) and and its governance its governance, , including including

clearer guidance regarding Scope 1, 2 clearer guidance regarding Scope 1, 2

and 3 carbon reporting and and 3 carbon reporting and the the formation formation

of of updated updated working groups working groups within within the the

Environmental Sustainability Strategy Environmental Sustainability strategy

Board of Governance (ESSBG) Board of Governance {ESSBG). .

We met all external reporting We met all external reporting requirements requirements such as such as the the Scottish Scottish

Government Government Public Bodies Climate Public Bodies Climate Change Duties report and SDG Accord Change Duties report and SDG Accord

Annual Report Annual Report. . Looking forward it is Looking forward it is

expected that the ESS will be updated in expected that the ESS will be updated in

line with the University Strategy Refresh line with the University Strategy Refresh

(see page (see page 7 7). ). As part of this As part of this update update the the

net zero carbon target will also be net zero carbon target will also be

reviewed in line with national and city reviewed in line with national and city targets, reflecting our ability to make targets, reflecting our ability to make significant significant estate estate changes in changes in the context the context

of wider city infrastructure such as grid of wider city infrastructure such as grid

capacity and heat capacity and heat network network capability. capability.

we have continued to ensure our research we have continued to ensure our research

has impact across a range of has impact across a range of

development areas. To further support development areas. To further support

embedment of UNSDGs, awareness embedment of UNSDGs, awareness

sessions were held, and SDGs can now be sessions were held, and SDGs can now be

tagged in our research information tagged in our research information

management system. management system.

As members of the As members of the Scotland Scotland Beyond Net Beyond Net

Zero partnership Zero partnership we we made successful bids made successful bids

to the in to the in-year - year seed funding round seed funding round. .

W Winning inning projects projects will will be a focus for action be a focus for action in 2025/26, in 2025/26, as will implementation of the as will implementation of the KEIF Strategy with its sustainability pillar. KEIF Strategy with its sustainability pillar.

We also jointly hosted an Impact We also jointly hosted an Impact

Investment Symposium on Sustainable Investment symposium on Sustainable

Forestry, with Greenbank Investments, Forestry, with Greenbank Investments,

with sponsorship from CGI, to with sponsorship from CGl, to address address

key sector issues such as key sector issues such as combatting combatting

deforestation, enhancing biodiversity deforestation, enhancing biodiversity

and developing investment and developing investment. .

Education for Sustainable Education for Sustainable Development Development

Sustainable Research Sustainable Research

As exemplified in the examples shared As exemplified in the examples shared through the lens of the UNSDGs below, through the lens of the UNSDGs below,

New New E ENhance Nhance curriculum curriculum framework framework guides and case studies guides and case studies were were developed developed to to help underpin further inclusion of help underpin further inclusion of sustainability and sustainability and UN UNSDGs SDGs in the in the

30 30

curriculum curriculum, , while submissions to our while submissions to our

annual Learning & Teaching Conference, annual Learning & Teaching Conference, The The Gathering, were mapped against the Gathering, were mapped against the UNSDGs. UNSDGs.

We We co co-hosted - hosted a conference on learning, a conference on learning, teaching and research in sustainability teaching and research in sustainability in in collaboration with UK and European collaboration with UK and European universities, inviting students to discuss universities, inviting students to discuss

embedment of green skills in the embedment of green skills in the curriculum and including lightening talks curriculum and including lightening talks from all schools showcasing approaches from all schools showcasing approaches from a range of disciplines. from a range of disciplines.

O Our ur annual progress report against the

SDG Accord SDGannual progressAccord included included a thematic report a thematic against the update update on Sustainable Learning & Teaching on Sustainable Learning & Teaching Practice Practice and and we we shared shared an associated an associated case study. case study.

Audit & Recognition Audit & Recognition

We We maintained maintained our our position position of of 301-400 301 - 400

while while increasing our score to 76.5 out of increasing our score to 76.5 out of

100 100 within within the the 2025 2025 THE THE Impact Impact

th th Rankings Rankings, , placing us 9 placing us 9" in Scotland, 15 in Scotland, 15% among UK Moderns and 52 among UK Moderns and 52" nd in the UK, in the UK, with 2,318 institutions from 130 with 2,318 institutions from 130 countries/territories participating in the countries/territories participating in the overall rankings. overall rankings.

We increased the number of SDGs in our We increased the number of SDGs in our submission, with o submission, with our top ur top scoring UNSDGs: scoring UNSDGs: 8 (Decent Work & Economic Growth), 10 8 (Decent Work & Economic Growth), 10 (Reduced Inequalities), and 11 (Reduced Inequalities), and 11 (Sustainable Cities and Communities) all (Sustainable Cities and Communities) all

ranked in the 101 ranked in the 101-200 - 200 bracket, with bracket, with SDG17 (Partnership for the Goals.) SDG17 (Partnership for the Goals.) achieving a score of 77.6% but featuring in achieving a score of 77.6% but featuring in the 301 the 301-400 - 400 bracket. bracket.

Within the Within the 2024/25 2024/25 People and Planet People and Planet audit audit we we maintained our 2:1 Award Class, maintained our 2:1 Award Class, rank ranking 3rd ing 3rd in Scotland in Scotland and and 65th 65th in the in the UK UK (out of 149 HEIs audited (out of 149 HEls audited). ). Of note is our Of note is our score for Education for Sustainable score for Education for Sustainable Development increasing from 85% last Development increasing from 85% last year to 98% this year in acknowledgement year to 98% this year in acknowledgement of our Bright Red Triangle Living of our Bright Red Triangle Living Laboratory focused on UNSDG5 (Gender Laboratory focused on UNSDGS5 (Gender Equality) and our resources to support Equality) and our resources to support Widening Participation. Widening Participation.

Following rigorous assessment through Following rigorous assessment through the Sustainable Restaurant Association the Sustainable Restaurant Association Food Made Good Standard, the Catering Food Made Good Standard, the Catering team achieved 57% and were awarded team achieved 57% and were awarded one star. For a first assessment, the one star. For a first assessment, the award is a remarkable achievement award is a remarkable achievement recognising existing good practic recognising existing good practice e led by led by the Catering team and wider University. the Catering team and wider University.

Energy Reduction & Carbon Energy Reduction & Carbon Emissions Emissions

Energy reduction projects Energy reduction projects have have continue continued, d, utilising the internally utilising the internally

managed Salix Recycling Fund. Projects managed Salix Recycling Fund. Projects, ae ai. include new LED lighting within the include new LED lighting within the

Lindsay Stewart Lecture Theatre and the Lindsay Stewart Lecture Theatre and the ; , «cs installation of electric calorifiers. The installation of electric calorifiers. The , installation allows for gas heating and hot installation allows for gas heating and hot

31 31

water systems water systems to be to be fully shut down fully shut down between May and October. The electric between May and October. The electric calorifiers are then used to generate all calorifiers are then used to generate all hot water requirements. Initial carbon hot water requirements. Initial carbon reduction associated with the project will reduction associated with the project will be in the region of 237 tCO be in the region of 237 tCO2ze 2e however however post post-installation - installation audits will continue. audits will continue. An extraordinary meeting of the ESSBG An extraordinary meeting of the ESSBG was held in June to discuss future and was held in June to discuss future and potential potential opportunities to remove all gas opportunities to remove all gas heating and hot water systems in the heating and hot water systems in the future. The meeting included detailed future. The meeting included detailed overview of existing community overview of existing community partnerships and discussions with peer partnerships and discussions with peer networks including the City Heat and networks including the City Heat and Energy Partnership within Edinburgh. Energy o Partnership within Edinburgh.

The The ‘ ‘Every Every Action Counts Action Counts’ ’ (EAC) (EAC) campaign campaign, , with a focus of reducing energy with a focus of reducing energy and wider environmental sustainability and wider environmental sustainability impact, impact, continued continued with activities during with activities during Climate week (October 2024) and Climate week (October 2024) and Sustainability Fair (March 2025 Sustainability Fair (March 2025). ). Both Both events included external partners with a events included external partners with a core focus of encouraging core focus of encouraging students students and and staff to reduce staff to reduce their personal and their personal and collective environmental collective environmental impact impact. .

Our Our operational carbon emissions operational carbon emissions

encapsulate business travel, electricity, encapsulate business travel, electricity, gas, water, waste, and fluorinated gases. gas, water, waste, and fluorinated gases. Our gross operational carbon emissions Our gross operational carbon emissions totalled totalled 4,164.1 4,164.1tCO2e, tCO2e, a reduction of a reduction of 35 35.2% .2% on on the the 6,423 tCO 6,423 tCOze 2e 2018/19 2018/19

Environmental Sustainability Strategy Environmental Sustainability Strategy (ESS) baseline. (ESS) baseline. Campus emission reports Campus emission reports have been introduced at Campus Boards have been introduced at Campus Boards to inform decisions and actions at a to inform decisions and actions ata campus level. campus level.

Our Our Travel Travel & & Expenses Expenses Policy Policy has has been been

under review to help put in more guidance under review to help put in more guidance to support sustainable travel decision to support sustainable travel decision making making. . To To further support the day further support the day-totoday commute, we day commute, we have installed a new have installed a new bicycle store at Craiglockhart campus and bicycle store at Craiglockhart campus and launched a salary sacrifice electric car launched a salary sacrifice electric car leasing scheme leasing scheme. . S See ee page page 23 23. .

In In line line with our ESS with our ESS offset offset position position, , we we

again again used used Plan Vivo verified ethical Plan Vivo verified ethical

carbon credits from carbon credits from The The Association for Association for Coastal Ecosystem Services Coastal Ecosystem Services ( (ACES), ACES ), our our trusted offset partner. ACES support trusted offset partner. ACES supporta a - range of award range of award-winning winning blue carbon blue carbon conservation project conservation projects, s, underpinned by underpinned by Edinburgh Napier Edinburgh Napier research, research, helping to helping to realise significant community benefits for realise significant community benefits for those suffering from current and existing those suffering from current and existing impacts of climate change that they have impacts of climate change that they have not contributed to. not contributed to. Following our Following our approach last year, w approach last year, we e elected to use a elected to use a

port portion ion of these carbon credits to offset of these carbona credits to offset business travel emissions for business travel emissions for AY AY

202 2024/25, 4/25, and as such our net carbon and as such our net carbon emissions are reported as emissions are reported as 3,010.5 3,010.5 tCOze. tCO2e.

32 32

Engagement Engagement & & Collabo Collaboration ration

gained from attending best practice gained from attending best practice

sessions and are currently discussing sessions and are currently y discussin 6

ways to improve city action, such as ways toifo Improve cii t y y achon,acti SUCN h as through collaborations on estates through 6 collaborations on estates

rationalisation and optimisation towards rationalisation and optimisation towards net zero in the city. net zero in the city.

Edinburgh Napier Students Association Edinburgh Napier Students Association

(ENSA) (ENSA) held held a a widely widely celebrated celebrated initiative, initiative,

the Project Management Challenge the Project Management Challenge

Awards, with student Awards,[with][student-led] - led teams[teams] , , a developing environmental sustainability developing environmental sustainability projects focused on an array of aspects, projects focused on an array of aspects,

with in with in-kind - kind prizes provided by prizes provided by Edinburgh Edinburgh

Napier Napier staff. staff.

With With Edinburgh Napier as Edinburgh Napier as founding founding

members, we are working with members, we are working with

EdinburghCanBe towards two major EdinburghCanBe towards two major

collaboration engagement events next collaboration engagement698 events next

academic year. aca demi c year ;

As a follow up ENSA are leading As a follow up ENSA are leading

UNIFORCE, UNIFORCE, an eight an eight-week - week inter interuniversity employability challenge with university employability challenge with

the theme of Sustainable Scotland, the theme theme of Sustainable Sustainable Scotland, building on the previously successful building on the previously successful project challenge project challenge. .

==> picture [570 x 520] intentionally omitted <==

----- Start of picture text -----
university employability challenge with university employability challenge with Edinburgh Napier University is an active Edinburgh Napier University is an active
the theme of Sustainable Scotland, the theme theme of Sustainable Sustainable Scotland, member of member of U!REKA, U!REKA , an an alliance alliance of of higher higher
building on the previously successful building on the previously successful education institutions, cities and education institutions, cities and
project challenge project challenge. . municipalities, regional councils, municipalities, regional councils,
-
The The School of Engineering and the Built School of Engineering and the Built prominent European networks and non Prominentinent E european networkstworks ana and non non-
profit organisations across Europe .
Environment hosted Environment hosted ‘Green Horizons ‘Green Horizons — – Pronfit organisis at iions across E EUrOPe .
Through U!REKA we have contributed to a
Towards Towards Sustainable Futures’ Sustainable Futures’ an an Th foush UIREKA we h nave conmmiptrib u tedree tsoa
ves ; joint joint new sustainability micro credentials new sustainability micro credentials
exhibition exhibition showcasing all that is special showcasing all that is special
programme developed between the
about how we teach and research about how we teach and research programme developed between the
oan partners, which will trial engagement with partners, which will trial engagement with
sustainabilit sustainability. y.
over the coming year. over the coming year.
As committed signatories of the As committed signatories of the
Edinburgh Climate Compact, we have Edinburgh Climate Compact, we have
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Delivering on our Purpose Delivering on our Purpose: : Highlights through the UNSDGs Highlights through the UNSDGs

As a signatory of the Sustainable Development Goals Accord, examples of our contributions As asignatory of the Sustainable Development Goals Accord, examples of our contributions during 2024/25 include: during 2024/25 include:

==> picture [462 x 568] intentionally omitted <==

----- Start of picture text -----
-
1 poverry Edinburgh Napier academics developed “Makazi Edinburgh Napier academics developed “Makazi,” ,” a modular, climate a modular, climate-adaptive adaptive shelter for shelter for
e ee e disaster relief, easily assembled with local materials and designed for flexibility, comfort, disaster relief, easily assembled with local materials and designed for flexibility, comfort,
MPR and sustainability. and sustainability.
9 a Funded by Innovate UK, and in partnership with Impact Solutions, we are pioneering Funded by Innovate UK, and in partnership with Impact Solutions, we are pioneering
~~ SmartSprout, a sustainable horticulture project developing biodegradable electrospun SmartSprout, a sustainable horticulture project developing biodegradable electrospun
-
fibres for controlled agrochemical release, aiming to create a universal, eco friendly
_ fibres for controlled agrochemical release, aiming to create a universal, eco-friendly
n nutrient utrient delivery platform. delivery platform.
3 GOOD HEALTH
—— Alongside partners including Alzheimer Scotland, we are leading a groundbreaking study Alongside partners including Alzheimer Scotland, we are leading a groundbreaking study
on integrating multifunctional robots into dementia care and occupational therapy.
| on integrating multifunctional robots into dementia care and occupational therapy.
-
A roy We are partnering with Functional Skills UK to develop an AI We are partnering with Functional Skills UK to develop an Al-powered powered adaptive learning adaptive learning
platform, aiming to personalise education and boost engagement for learners who’ve
LT } struggled with traditional pathways. struggledplatform, aimingwith traditional to personalisepathways. education and boost engagement for learners who've
BD Hany With support from the British Council, we are working to reduce gender segregation in With support from the British Council, we are working to reduce gender segregation in
-
STEM subjects through high school STEM subjects through high school-based based interventions in Ghana, in partnership with the interventions in Ghana, in partnership with the
University of Health and Allied Sciences. University of Health and Allied Sciences.
6 CLEAN WATER Funded by the UK Department of Science, Innovation and Technology, Edinburgh Napier is Funded by the UK Department of Science, Innovation and Technology, Edinburgh Napier is
-
hosting international early career researchers to advance innovation in AI, robotics, clean
energy, and healthcare — developing solutions from fall prevention and rehabili tation to
[° | energy,hosting a d healthcare—developing i n ternational early-career researcher solution s tofrom adv f ll a nce prevention innovation and in Al, rehabilitation robotics, clean to
sustainable transport and energy systems. sustainable transport and energy systems.
-
7 AFFORDABLECLEAN ENeRey AND Funded by UKRI, we lead on a project to develop a small FUNded by UKRI, we lead on a project: to develop a small-scale scale prototype of a wave energy prototype of a wave energy
device will be tested under real conditions, aiming to optimise its structure and energy
‘O: device will be tested under real conditions, aiming to optimise its structure and energy
“71. capture, potentially advancing reliable, sustainable marine power solutions. capture, potentially advancing reliable, sustainable marine power solutions.
- —
8 tcovmeeom Edinburgh Napier is developing a peer Edinburgh Napier is developing a peer-powered powered app to support creative freelancers app to support creative freelancers—
Wa offering trusted advice on rates, contracts, and business practices to address knowledge offering trusted advice on rates, contracts, and business practices to address knowledge
“ye gaps and promote fair, informed freelance work. gaps and promote fair, informed freelance work.
----- End of picture text -----

34 34

Q Wonrernueue Edinburgh Napier is developing a flexible, semi Edinburgh Napier is developing a flexible, semi-automated automated risk assessment tool to risk assessment tool to — enhance Airbus’s supply chain security enhance Airbus’s supply chain security—improving improving incident response, policies, and incident response, policies, and supplier retention, with potential for wider multi supplier retention, with potential for wider multi-tier tier adoption. adoption.

- 10 INEQUALITIES The Edinburgh Napier The Edinburgh Napier-hosted hosted Scottish Institute for Policing Research is evaluating Police Scottish Institute for Policing Research is evaluating Police = Scotland’s DEFINE pilot to identify best practices for supporting neurodiverse staff, aiming Scotland's DEFINE pilot to identify best practices for supporting neurodiverse staff, aiming — to inform nationwide implementation and enhance inclusivity across polici to inform nationwide implementation and enhance inclusivity across policing ng culture culture 1 sustanasieANDCOMMUNITIES ores ©Ginburgh Edinburgh Napier and Edinburgh College are partnering to strengthen career pathways in : Napier: and Edinburgh: College are partnering: to strengthen: career: pathways in — civil engineering and architectural technology offering practical experiences and guidance to address skills gaps in Scotland in these disciplines and support student guidance to address skills gaps in Scotland in these disciplines and support student all4e civil engineering and architectural technology—offering practical experiences and mn rs pr progression. ogression. 12 CONSUMPTION Edinburgh Napier is contributing to the TERRA project, which transforms agricultural Edinburgh Napier is contributing to the TERRA project, which transforms agricultural AND PRODUCTION waste into thermal batteries to improve energy efficiency, reduce pollution, and support QO sustainable development in Brazil and Bangladesh. sustainablewaste into thermaldevelopment batteries toin Brazil improveand Bangladesh. energy efficiency, reduce pollution, and support - 13 cna A team of Edinburgh Napier students completed Europe’s first bamboo A team of Edinburgh Napier students completed Europe’s first bamboo-timber timber composite composite gridshell, showcasing sustainable design and rapid construction. The project highlights bamboo’s potential for efficient, eco bamboo’s potential for efficient, eco-friendly friendly architecture and future large architecture and future large-scale scale €> gridshell, showcasing sustainable design and rapid construction. The project highlights applications applications 14 LIFEWATERBELOW Edinburgh Napier Edinburgh: Napier: are are leading the groundbreaking SharkScape leading: the groundbreaking: SharkScape project, advancing marine project,: advancing: marine: ~~ conservation through innovative research on sharks and skates in Scottish waters, using conservation through innovative research on sharks and skates in Scottish waters, using - > cutting cutting-edge technologies edge technologies and collaborative expertise. and collaborative expertise. 15 ahr Edinburgh Napier has been awarded a Forestry Commission contract to develop technical Edinburgh Napier has been awarded a Forestry Commission contract to develop technical — 6 guidance on mammal impacts on trees and woodlands guidance on mammal impacts on trees and woodlands—supporting supporting sustainable woodland sustainable woodland —<——<—= | management through practical tools, case studies, and online resources. management through practical tools, case studies, and online resources. - 16 PEACE,aNosTroNGJUSTICE Edinburgh Napier is leading Trust4Future, a European Edinburgh; Napieroeis leading: Trust4Future, a European-funded funded initiative empowering initiativeeae empowering: INSTITUTIONS — y women in tech with cutting women in tech with cutting-edge edge cybersecurity and blockchain training cybersecurity and blockchain training—advancing advancing digital digital ¥ inclusion and building a more diverse tech workforce. inclusion and building a more diverse tech workforce. 17 partuersuipsFOR THE GOALS Funded by the UK Department of Science, Innovation and Technology, Edinburgh Napier is Unded. by the UK. Department of Science, Innovation and Technology,: . Edinburgh : Napier is hosting international early career researchers to advance innovation in AI, robotics, clean energy, and healthcare energy, and healthcare—developing — developing solutions from fall prevention and rehabili solutions from fall prevention and rehabilitation tation to to &® hosting international early-career researchers to advance innovation in Al, robotics, clean sustainable transport and energy systems sustainable transport and energy systems

35 35

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Progress monitoring for the recommendations is remitted to the Inclusion Committee as a Progress monitoring for the recommendations is remitted to the Inclusion Committee as a standing item until completion. standing item until completion.

Fair Work Fair Working ing Practices Practices

With Inclusion as one of our core values we take pride in aligning our working practices with With Inclusion as one of our core values we take pride in aligning our working practices with - Fair Work First. This means we do not adopt inappropriate use of zero Fair Work First. This means we do not adopt inappropriate use of zero-hour hour contracts, nor contracts, nor do we engage in ‘fire and rehire’ practices do we engage in ‘fire and rehire’ practices. . We are an accredited We are an accredited Living Wage Living Wage employer employer with with all our colleagues being paid at or above this level all our colleagues being paid at or above this level. . We continue to offer a progressive suite We continue to offer a progressive suite of family friendly policies and flexible working practices including hybrid working. of family friendly policies and flexible working practices including hybrid working.

We reviewed our Fair Work We reviewed our Fair Work Statement Statement in June 2025, with the latest version available online in June 2025, with the latest version available online here here, , demonstrating our compliance with Fair Work First requirements demonstrating our compliance with Fair Work First requirements: :

https://www.napier.ac.uk/about ~~https://www.napier.ac.uk/about-us/work-with-us/fair-work-statement~~ - us/work - withus/fair - workstatement

We make sure that our managers are supported to be responsive, creating a welcoming and We make sure that our managers are supported to be responsive, creating a welcoming and supportive working culture through provision of relevant training. supportive working culture through provision of relevant training.

W We e exceeded our exceeded our target target to increase the proportion to increase the proportion of of staff staff from from global majority ethnicities global majority ethnicities employed in decision making, leadership and senior roles employed in decision making, leadership and senior roles (Grade 8 & above) from 6.7% in (Grade 8 & above) from 6.7% in 2021 to 12% by 2025. At the turn of the year 2021 to 12% by 2025. At the turn of the year that that figure figure was 13.7%. was 13.7%. We are continuing to We are continuing to support that success, recently partnering with Black Professionals Scotland. support that success, recently partnering with Black Professionals Scotland.

As part of our public sector equality duty we report on o As part of our public sector equality duty we report on our ur Gender Gender Pay Gap Pay Gap each March for each March for the the previous year. This previous year. This period period our our Gender Gender Pay Gap Pay Gap remains remains just just below below 6% 6% (snapshot (snapshot date date 31 31 March 2024) March 2024). . Our Our professorial female: professorial female: male split has largely remained 40:60% male split has largely remained 40:60% over the same over the same period. As we look forward to future work on pay gaps and representation across grades, period. As we look forward to future work on pay gaps and representation across grades, we will remain committed to being an accredited Living Wage employer, reporting annually we will remain committed to being an accredited Living Wage employer, reporting annually on our Gender Pay Gap and enhancing our approach to include inte on our Gender Pay Gap and enhancing our approach to include intersectional rsectional analysis, and analysis, and routinely undertaking equal pay audits. routinely undertaking equal pay audits.

Employee engagement remains an important feature of our working practices. A recognition Employee engagement remains an important feature of our working practices. A recognition agreement with trade union partners EIS and Unison supports regular consultation on key agreement with trade union partners EIS and Unison supports regular consultation on key areas, ensuring a platform for the employee experience to be heard. areas, ensuring a platform for the employee experience to be heard. As part of the As part of the University’s c University’s continuous ontinuous listening listening m model odel introduced introduced this year this year, , we undertook a pulse we undertook a pulse

38

colleague engagement survey colleague engagement survey in May 2025 in May 2025, , which which will contribute will contribute to informing future to informing future staff staff engagement engagement initiatives. initiatives.

Disability Policy Disability Policy

Edinburgh Napier University welcomes those with visible or hidden Edinburgh Napier University welcomes those with visible or hidden disabilities, those with disabilities, those with long term health conditions and specific learning long term health conditions and specific learning difficulties and is committed to providing difficulties and is committed to providing both students and staff with support both students and staff with support in all aspects of university life. in all aspects of university life. This This is also supported is also supported by our new Equality Outcomes 2025 by our new Equality Outcomes 2025-2029. - 2029. See See page page 37 37. .

We take a positive, flexible approach to encouraging full participation of We take a positive, flexible approach to encouraging full participation of disabled disabled people and people and

make every reasonable effort to anticipate and provide make every reasonable effort to anticipate and provide the the necessary support, adaptations, necessary support, adaptations, equipment and development, in order to equipment and development, in order to enable students and staff to fulfil their potential. enable students and staff to fulfil their potential.

For students this is delivered by our Disability Inclusion Service For students this is delivered by our Disability Inclusion Service. . T Together ogether with with students and students and staff and in particular the staff and in particular the Department for Learning and Teaching Enhancement Department for Learning and Teaching Enhancement this this is also is also driving forward driving forward i inclusion nclusion a as s core core element of our curriculum enhancement framework element of our curriculum enhancement framework — – ENhance. ENhance.

For staff this is delivered through our participation in the Disability Confident For staff this is delivered through our participation in the Disability Confident scheme, scheme, which which we have recently gained reaccreditation at Level 2 we have recently gained reaccreditation at Level 2 (Employer). This scheme encourages us (Employer). This scheme encourages us to think differently about disability to think differently about disability and and take action to improve how we recruit, retain and take action to improve how we recruit, retain and develop people. develop people.

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Key Performance Indicators

Our 2024 Our 2024 – — 2025 Performance 2025 Performance

KEY PERFORMANCE INDICATO
R
KEY PERFORMANCE INDICATOR		 2024/25
2024/25
ACTUAL
ACTUAL
TPG Students (FTE
)
TPG Students (FTE)		 3,800
3,800
RPG Students (FTE
)
RPG Students (FTE)		 245
245
International Students on
-
campus (FTE)
International Students on-campus (FTE)		 2,860
2,860
TNE Income (including online)
TNE Income (including online)		 £
9
.
3
m
£9.3m
Proportion of SMID20 entrants
Proportion ofSMID20 entrants		 14
%
14%
Student Satisfaction (NSS / PTES)
Student Satisfaction (NSS / PTES)		 80
% /
88
%
80% /88%
Positive Progression
Positive Progression		 89
%
89%
Graduate level employability (positive destinations
)
Graduate level employability (positive destinations)		 74
%
(
95
%)
74% (95%)
Income from research and knowledge exchange
Income from research and knowledge exchange		 £
7.4
m
£7.4m
Staff engagement
Staffengagement		 74%
74%
Net carbon emissions (to
n
nes CO
2
equivalent) *
Net carbon emissions (tonnes CO2 equivalent) *		 3,010.5
3,010.5
Total income / operating
deficit
Totalincome/operatingdeficit		 £158.8m
/ £
2.5
m
£158.8m/£2.5m

40

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ongoing uncertainty over UK policies towards international students. ongoing uncertainty over UK policies towards international students. These These challenges challenges are are ongoing and have been felt across the UK Higher Education sector. ongoing and have been felt across the UK Higher Education sector.

Our SFC grant income has been impacted by recovery of funds through under recruitment of Our SFC grant income has been impacted by recovery of funds through under recruitment of SFC SFC funded funded students, and makes up 37.5% of our income in 2024/25. Our strategic aim is students, and makes up 37.5% of our income in 2024/25. Our strategic aim is still to reduce dependency on government funding by growing the diversity of our income still to reduce dependency on government funding by growing the diversity of our income streams although it is worth noting that while the University is reliant on and immen streams although it is worth noting that while the University is reliant on and immensely sely grateful for the SFC income, payroll taxes and the irrecoverable VAT paid and contributed grateful for the SFC income, payroll taxes and the irrecoverable VAT paid and contributed back to UK government totalled some £30.4m in 2024/25. back to UK government totalled some £30.4m in 2024/25.

Offsetting the Offsetting the reductions reductions above, we delivered increases in our non above, we delivered increases in our non-academic - academic income, income, including our residences and catering including our residences and catering, , whilst sustained higher interest rates have supported whilst sustained higher interest rates have supported growing investment income. growing investment income.

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||||||||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |£m|£m|2024|2024/25|/25|2024|2024/25|/25|2023|2023/24|/24|2023|2023/24|/24| |Excl. Dev|Excl.|Dev|Inc. Dev|Inc.|Dev|Excl. Dev|Excl.|Dev|Inc. Dev|Inc.|Dev| |Trust|Trust|Trust|Trust|Trust|Trust|Trust|Trust| |Income|Income|158.8|158.8|159.3|159.3|166.8|166.8|167.2|167.2| |Ex|Expenditure|penditure|before|before|p|pension|ension char|charges|ges|(|(161.3)|161.3)|(|(161.7)|161.7)|(|(164.8)|164.8)|(|(165.0)|165.0)| |Sur|Surplus|plus /|/|(|(deficit)|deficit)|before exce|before|exceptional|ptional items|items|(|(2.5)|2.5)|(|(2.4)|2.4)|2.0|2.0|2.2|2.2| |Exce|Exceptional|ptional items|items|-|-|-|-|(|(2.0)|2.0)|(|(2.0)|2.0)| |Surplus / (deficit)|before other gains /| |Surplus / (deficit) before|other gains|/|(2.5)|(2.5)|(2.4)|(2.4)|0.0|0.0|0.2|02| |losses|losses| |Other|Other|g|gains|ains /|/|(|(losses)|losses)|0.0|0.0|0.1|0.1|0.0|0.0|0.1|0.1| |Sur|Surplus|plus /|/|(|(deficit)|deficit)|before|before|p|pension|ension char|charges|ges|(|(2.5)|2.5)|(|(2.3)|2.3)|0.0|0.0|0.3|0.3| |Pension|Pension|(|(charges)|charges)|/|/|credits|credits|0.3|0.3|0.3|0.3|4.8|4.8|4.8|4.8| |Actuarial|Actuarial|g|gain|ain /|/|(|(loss)|loss)|(|(0.4)|0.4)|(|(0.4)|0.4)|(|(5.4)|5.4)|(|(5.4)|5.4)| |Net surplus/ (deficit) for the year|Net|surplus/|(deficit)|for the|year|(2.6)|(2.6)|(2.4)|(2.4)|(0.6)|(0.6)|(0.3)|(0.3)|

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In response to In response to reductions in key income streams reductions in key income streams, , savings have been achieved in both pay savings have been achieved in both pay and non and non-pay - pay costs. Staff costs, excluding pension adjustments, fell by £2.9m costs. Staff costs, excluding pension adjustments, fell by £2.9m compared to compared to 2023/24 2023/24. . This This corresponds to corresponds to reduced staff numbers, with the average staff FTE falling reduced staff numbers, with the average staff FTE falling from 1,651 in 2023/24 to 1,577 in 2024/25 from 1,651 in 2023/24 to 1,577 in 2024/25, , with a policy to only recruit into essential roles with a policy to only recruit into essential roles. .

43

The The savings impact savings impact of this reduction of this reduction has been has been limited limited by increased employer’s national by increased employer's national insurance insurance, , STSS pension contributions STSS pension contributions and the and the pay award for the year pay award for the year. .

The The University University achieved achieved an operating deficit of £2.5m for 2024/25 an operating deficit of £2.5m for 2024/25. . Whilst this is below our Whilst this is below our strategic surplus target strategic surplus target, , the income downsides in tuition fees and SFC grants have been the income downsides in tuition fees and SFC grants have been mitigated significantly through cost savings. mitigated significantly through cost savings. As discussed in the Strategic & Operational As discussed in the Strategic & Operational Report, Report, our key areas of focus for 2025/26 include our key areas of focus for 2025/26 include delivery of additional income streams delivery of additional income streams and shape and size efficiencies to ensure future sustainability. and shape and size efficiencies to ensure future sustainability.

Our LGPS pension valuation at Our LGPS pension valuation at July July 2025 shows a surplus on our scheme of £121.7m, an 2025 shows a surplus on our scheme of £121.7m, an increase from £90.8 increase from £90.8m m at July 2024. However, under accounting standards although there is at July 2024. However, under accounting standards although there is surplus position on the scheme there is a ceiling to which this can be recognised in the surplus position on the scheme there is a ceiling to which this can be recognised in the annual accounts based on the extent that it is able to recover the surplus either through annual accounts based on the extent that it is able to recover the surplus either through reduced reduced contributions in the future or through refunds from the plan. Consistent with July contributions in the future or through refunds from the plan. Consistent with July 2024, the increased surplus of £121.7m at July 2025 has been capped at nil; the pension 2024, the increased surplus of £121.7m at July 2025 has been capped at nil; the pension credits o credits of f £0.4m being offset by the equivalent actuarial loss. Our unfunded scheme has a £0.4m being offset by the equivalent actuarial loss. Our unfunded scheme has a liability of £8.5 liability of £8.5m m at July 2025. at July 2025.

Balance Sheet Balance Sheet

A summary of our Balance Sheet is tabled below. A summary of our Balance Sheet is tabled below. The The operating deficit for the year has operating deficit for the year has resulted in a reduction in our net assets from £140.0m to £137.6m resulted in a reduction in our net assets from £140.0m to £137.6m. .

Our Balance Sheet (£000) Our Balance Sheet (£000)

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |2025|2025|2024|2024| |Non|Non-current|-|current assets|assets|1|113,772|13,772|114,623|114,623| |Current assets|Current|assets|82,214|82,214|80,306|80,306| |Current liabilities|Current|liabilities|(|(49,032)|49,032)|(|(45,210)|45,210)| |Net current assets|Net|current|assets|33|33,182|,182|35|35,096|,096| |Creditors >1 year|Creditors|>1|year|(774)|(774)|(267)|(267)| |Provisions|Provisions|(8,544)|(8,544)|(9,454)|(9,454)| |Net assets|137,636|139,998| |Net assets|____137,636|139,998|

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44 44

Our liquidity as represented by net current assets have been stable Our liquidity as represented by net current assets have been stable in recent years, in recent years, however however this has fallen by £1.9m in 2024/25 this has fallen by £1.9m in 2024/25 as capital and other investment exceeded cash as capital and other investment exceeded cash generation. We currently have no generation. We currently have no utilised utilised bank borrowings. bank borrowings.

It is the University’s policy that payments to suppliers are made in accordance with those It is the University’s policy that payments to suppliers are made in accordance with those terms and conditions agreed between the University and its suppliers, providing that all terms and conditions agreed between the University and its suppliers, providing that all trading terms and conditions have been complied with. At 31 July 2025, ther trading terms and conditions have been complied with. At 31 July 2025, there e was an was an average of 28 days purchases (2024 average of 28 days purchases (2024 – — 28 days) outstanding in trade creditors. No interest 28 days) outstanding in trade creditors. No interest was paid under the Late Payment of Commercial Debts (Interest) Act 1998. was paid under the Late Payment of Commercial Debts (Interest) Act 1998.

Net Current Assets Net Current Assets

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Bank Loans Bank Loans

45 45

Development and Alumni

The The Development and Alumni Relations Office undertakes Development and Alumni Relations Office undertakes alumni engagement, alumni engagement, philanthropic fundraising and external engagement to grow supportive networks. Edinburgh philanthropic fundraising and external engagement to grow supportive networks. Edinburgh Napier Development Trust is a charity (Charity Reg No. SC030225) governed by a separate Napier Development Trust is a charity (Charity Reg No. SCO30225) governed by a separate Board of Trustees which includes co Board of Trustees which includes co-opted - opted members from the members from the University’s Court. University’s Court.

Since 2019 the Development Trust has expanded the portfolio of philanthropic funding Since 2019 the Development Trust has expanded the portfolio of philanthropic funding opportunities to research as well as student support. The funds raised support student opportunities to research as well as student support. The funds raised support student - scholarships and bursaries, collections, research, early scholarships and bursaries, collections, research, early-stage stage student entrepreneurs student entrepreneurship hip and and citizenship programmes across all five Schools and three campuses. citizenship programmes across all five Schools and three campuses.

‘ ‘Philanthropic Philanthropic donor support that champions early career researchers in cardiovascular healthcare is donor support that champions early career researchers in cardiovascular healthcare is helping to deliver lasting impact. It is encouraging talented healthcare professionals to pursue a career helping to deliver lasting impact. It is encouraging talented healthcare professionals to pursue a career in research. Through the research led by Professor in research. Through the research led by Professor Lis Lis Neubeck and the team at Edinburgh Napier Neubeck and the team at Edinburgh Napier University, patients across Scotland and beyond are empowered to manage their disease and live University, patients across Scotland and beyond are empowered to manage their disease and live with confidence.’ with confidence.’ Catherine Ross Catherine Ross, , Chief Scientific Officer for Scotland Chief Scientific Officer for Scotland

Thanks Thanks to the donations made by alumni, friends, charitable trusts, foundations and to the donations made by alumni, friends, charitable trusts, foundations and corporates, Edinburgh Napier University Development Trust (“the Trust”) raised £562,639 in corporates, Edinburgh Napier University Development Trust (“the Trust”) raised £562,639 in 2024 2024/25 /25 (£1.1M 2023/24). In addition, a further £195,381 of funding was secured by the (£1.1M 2023/24). In addition, a further £195,381 of funding was secured by the Development Office, which went directly into the University Account making the total Development Office, which went directly into the University Account making the total funding secured by the Development Office £758,019. funding secured by the Development Office £758,019.

‘ - ‘The The scholarship scholarship is easing a great many financial worries for me. I gave up a full is easing a great many financial worries for me. | gave up a full-time time post within the post within the NHS to pursue my dream to become a midwife, but I have two young children and a mortgage. I knew NHS to pursue my dream to become a midwife, but | have two young children and a mortgage. | knew it would be challenging, and particularly difficult to do supplementary it would be challenging, and particularly difficult to do supplementary work alongside my placement work alongside my placement hours. I am so grateful for this support’ hours. |am so grateful for this support’ Claire Bird Claire Bird is studying BM Midwifery through the support of a is studying BM Midwifery through the support of a Roger and Jean Miller Nursing Roger and Jean Miller Nursing Scholarship Scholarship

47

Throughout Throughout the year, a total of £422,184 was disbursed to support UK and international the year, a total of £422,184 was disbursed to support UK and international students who are currently studying. The funding provides additional financial assistance students who are currently studying. The funding provides additional financial assistance and encouragement for students to be able to make the most of their time at uni and encouragement for students to be able to make the most of their time at university. versity. This This includes support for travel, research, project materials and also crisis funding support. includes support for travel, research, project materials and also crisis funding support.

‘ This This support allowed me to complete a placement as part of my Professional Graduate Diploma in support allowed me to complete a placement as part of my Professional Graduate Diploma in Education (PGDE) to become a high school maths teacher. I couldn’t afford the travel costs, and Education (PGDE) to become a high school maths teacher. | couldn't afford the travel costs, and without a bursary I would have needed to postpone my studies. My without a bursary| would have needed to postpone my studies. My placement placement went really well, and I went really well, and| grew my abilities. I am so thankful for the support.’ grew my abilities. |!am so thankful for the support.’ Andrew Norby Andrew Norby, , Professional Graduate Diploma in Education (Maths) Professional Graduate Diploma in Education (Maths)

With the climate emergency and concern to address the challenges to reach net With the climate emergency and concern to address the challenges to reach net-zero - zero targets, we have seen a growth in philanthropic funding to support innovative targets, we have seen a growth in philanthropic funding to support innovative interdisciplinary research programmes. One project includes the expansion of a mangrove interdisciplinary research programmes. One project includes the expansion of a mangrove researc research h programme in Africa. The research has been led by ENU’s Centre for Conservation programme in Africa. The research has been led by ENU's Centre for Conservation and Restoration who work collaboratively with local partner organisation ACES (Association and Restoration who work collaboratively with local partner organisation ACES (Association for Coastal Ecosystems Services). Not only does the £1 for Coastal Ecosystems Services). Not only does the £110k 10 k philanthropic gift furthe philanthropic gift further r research into carbon capture and contribute solution for the global community, it also helps research into carbon capture and contribute solution for the global community, it also helps to establish a sustainable community enterprise. Through the research the programme has to establish a sustainable community enterprise. Through the research the programme has helped grow the skillset of the local indigenous population in Kenya and helped grow the skillset of the local indigenous population in Kenya and The The Gambia, Gambia, resulting in improved education, healthcare and infrastructure for the small coastal resulting in improved education, healthcare and infrastructure for the small coastal communities. communities.

Santander Universities continue to be a major funder with £50k received in Santander Universities continue to be a major funder with £50k received in-year - year 2024-25. 2024 - 25 . Alongside other supportive individuals and corporates, their focus on encouraging student Alongside other supportive individuals and corporates, their focus on encouraging student entrepreneurs has provided grants for prototyping and testing innovations. entrepreneurs has provided grants for prototyping and testing innovations.

48

ambassadors contribute to government and organisational debate, supporting the design ambassadors contribute to government and organisational debate, supporting the design and introduction of new initiatives. The Ambassador cohort for the past year has been and introduction of new initiatives. The Ambassador cohort for the past year has been recognised for their contribution to help shine a light on the difficulties faced by recognised for their contribution to help shine a light on the difficulties faced by those those with with lived lived-experience, - experience, leading to long leading to long-overdue - overdue system and policy change. Their work has brought system and policy change. Their work has brought - about lasting change to benefit those who are care about lasting change to benefit those who are care-experienced experienced across Scotland, enabling across Scotland, enabling them to get into, stay in and move on from higher education. them to get into, stay in and move on from higher education.

‘ ‘We We were impressed by the innovative model delivered by the small team at Hub for Success, and were impressed by the innovative model delivered by the small team at Hub for Success, and - particularly by the engagement of care particularly by the engagement of care-experienced experienced students to champion and deliver the change that students to champion and deliver the change that is needed.’ is needed.’ The Vardy Foundation The Vardy Foundation

Sustainable Procurement

The The procurement service continues to be delivered by Advanced Procurement for procurement service continues to be delivered by Advanced Procurement for Universities and Colleges (APUC), the sector’s Centre of Procurement Expertise, in the form Universities and Colleges (APUC), the sector's Centre of Procurement Expertise, in the form of the Edinburgh Region Procurement Team (ERPT), a shared service with Edinburgh of the Edinburgh Region Procurement Team (ERPT), a shared service with Edinburgh Colle College. ge. The shared service continues to provide improved leverage in the supply chain and The shared service continues to provide improved leverage in the supply chain and increased resilience in service provision for both institutions involved. increased resilience in service provision for both institutions involved.

Delivering savings and improved value for money remains a focus for the team, whilst Delivering savings and improved value for money remains a focus for the team, whilst balancing the increased focus on the social, ethical, and environmental impacts within the balancing the increased focus on the social, ethical, and environmental impacts within the supply chain. supply chain.

Responsible procurement continues to be at the heart of procurement activity. The Responsible procurement continues to be at the heart of procurement activity. The procurement team works closely with the environmental sustainability manager on a procurement team works closely with the environmental sustainability manager ona number of projects to encourage alignment with the University’s environmental strategy. number of projects to encourage alignment with the University’s environmental strategy.

For all open tenders with a contract value above the Scottish Government threshold, the For all open tenders with a contract value above the Scottish Government threshold, the University uses the APUC template for tenders. This tender document includes criteria University uses the APUC template for tenders. This tender document includes criteria which sets out sustainable procurement requirements along with mandatory questions which sets out sustainable procurement requirements along with mandatory questions on on the Modern Slavery Act, Living Wage and Community Benefits. Potential bidders are also the Modern Slavery Act, Living Wage and Community Benefits. Potential bidders are also required to complete the Supply Chain Code of Conduct which covers social, ethical and required to complete the Supply Chain Code of Conduct which covers social, ethical and environmental compliance as well as economic development. environmental compliance as well as economic development.

49

Sustainable procurement within the University enables a focus on a whole life cycle Sustainable procurement within the University enables a focus on a whole life cycle approach to reduce environmental impact while supporting positive economic and social approach to reduce environmental impact while supporting positive economic and social outcomes. The University is committed to providing fair access to contracting opportun outcomes. The University is committed to providing fair access to contracting opportunities ities for business of all sizes. for business of all sizes.

The The University is an affiliate member of Electronics Watch, which assists public sector University is an affiliate member of Electronics Watch, which assists public sector members by monitoring supply chains to ensure the protection of labour rights of workers. members by monitoring supply chains to ensure the protection of labour rights of workers. Through Through APUC the University is also an early adopter of EcoVadis, a global bus APUC the University is also an early adopter of EcoVadis, a global business iness - - sustainability ratings company. For high sustainability ratings company. For high-risk risk or high or high-value value suppliers, the goal is to suppliers, the goal is to encourage an EcoVadis assessment and certification. encourage an EcoVadis assessment and certification.

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50
-
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Corporate Governance Statement Corporate Governance Statement

Edinburgh Napier University is committed to exhibiting good practice in all aspects of Edinburgh Napier University is committed to exhibiting good practice in all aspects of corporate governance. This summary describes the way the University has applied the corporate governance. This summary describes the way the University has applied the principles set out in the Scottish Code of Good Higher Education Governance as direct principles set out in the Scottish Code of Good Higher Education Governance as directed ed by by the the SFC SFC Its purpose is to help the reader of the financial statements understand how the Its purpose is to help the reader of the financial statements understand how the principles have been applied. principles have been applied.

Statement of full compliance Statement of full compliance

In the opinion of the Court, the University In the opinion of the Court, the University recently in 2023, to ensure compliance recently in 2023, to ensure compliance has complied with the provisions of the has complied with the provisions of the and to ensure appropriate ongoing and to ensure appropriate ongoing 2023 Scottish Code of Good Higher 2023 Scottish Code of Good Higher enhancement of governance enhancement of governance Education Governance throughout the Education Governance throughout the arrangements at the University. The arrangements at the University. The year. year. report of the 2023 Court Effectiveness report of the 2023 Court Effectiveness Effectiveness Reviews are conducted by Effectiveness Reviews are conducted by Review is published on the University’s Review; is published; on the University's the Court on a quinquennial basis, most the website. The Review was led by Advance website. The Review was led by Advance Court on a quinquennial basis, most HE HE, , and the conclusions noted: and the conclusions noted:

“Overall, we found evidence of good and effective governance, with some significant strengths. “Overall, we found evidence of good and effective governance, with some significant strengths. The operational foundations of effective governance are in place The operational foundations of effective governance are in place – — the structures, systems, and the structures, systems, and processes processes – — and enacted to enable governance to be practised effe and enacted to enable governance to be practised effectively; ctively; we found evidence of we found evidence of rigorous review against compliance and for continuous improvement. The commitment of all rigorous review against compliance and for continuous improvement. The commitment of all parties involved in governance and leadership of the University to the ENU parties involved in governance and leadership of the University to the ENU [Edinburgh Napier [Edinburgh Napier University] University] mission and ambitions is evident and strong. The relevant KPIs and reporting cycles mission and ambitions is evident and strong. The relevant KPIs and reporting cycles - ensure Court has high ensure Court has high-level level oversight of performance.” oversight of performance.”

Recommendations were identified and Recommendations were identified and implemented as part of our ongoing implemented as part of our ongoing continuous improvement. continuous improvement.

51

University Court University Court

The The University Court meets at least four University; ; Court meets at least four times a year with up to two further times a year with up to two further strategy events held in conjunction with strategy events held in conjunction with senior management and has a committee senior management and has a committee structure through which it conducts its structure through which it conducts its business. business.

Each committee has formally constituted Each committee; has formally constituted;

terms of reference and constitutions. terms of reference and constitutions. These These committees include: a Finance and committees include: a Finance and Property Committee, a Nominations Property Committee, a Nominations

Committee, a Remuneration Committee Committee, a Remuneration Committee

and an Audit and Risk Committee. and an Audit and Risk Committee.

, ; a, Revisions to Court’s constitution Revisions to Court's constitution necessitated by the revised membership necessitated; by the revised; membership; ; ; ; requirements introduced by the Higher requirements introduced by the Higher Education Governance (Scotland) Act Education Governance (Scotland) Act 2016 were made by the Privy Council 2016 were made by the Privy Council through an amendment to the through an amendment to the , University’s Statutory Instrument on 22 University’s Statutory Instrument on 22 May 2 May 2018. 018. ; The The Edinburgh Napier University Edinburgh Napier University Amendment Order of Council 2018 was Amendment Order of Council; 2018 was laid before the Scottish Parliament on 24 laid; before the Scottish; Parliament on 24 May 2018 and came into force on 15 May[2018][and][came] ;[into][force][on][15] September 2018. In proposing these September changes, Court ensured that its total changes,[Court] 2018.[ensured] In proposing[that][its] these[total] membership remained at a maximum of membership[remained][at] a maximum of ; 25 and sought to secure an appropriate 25 and sought to secure an appropriate _ balance of elected, ex balance of elected, ex-officio - officio and and appointed members which would ensure appointed[members][ which][would][ensure] a range of skills and experience on the a range of skills and experience on the Court and its subcommittees sufficient to Court and ;its subcommittees; sufficient. to

enable the effective discharge of its enable the effective discharge of its functions. functions.

The The Finance and Property Committee, in Finance and Property Committee, in its range of responsibilities, recommends its range of responsibilities, recommends to the Court the University’s annual to the Court the University’s annual revenue and capital budgets and monitors revenue and capital budgets and monitors performance in relation to approved performance in relation to approved budgets. budgets.

In parallel with the Audit and Risk In parallel with the Audit and Risk Committee, Finance and Property Committee, Finance and Property Committee also reviews the financial Committee also reviews the financial statements and makes appropriate statements and makes appropriate recommendations regarding their recommendations regarding their approval to the Court. The Chair of Court approval to the Court. The Chair of Court ensures that Court fulfils its ensures that Court fulfils its responsibilit responsibilities ies as set out in the Statutory as set out in the Statutory Instrument by means of its Statement of Instrument by means of its Statement of Primary Responsibilities, reserved powers Primary Responsibilities, reserved powers and the scheme of delegated and the scheme of delegated responsibility. responsibility.

The The Nominations Committee manages Nominations Committee manages the process of filling vacancies in the the process of filling vacancies in the external membership of Court and makes external membership of Court and makes recommendations on the membership recommendations on the membership - and convenorship of Court’s sub and convenorship of Court's subcommittees. The University fulfils its committees. The University fulfils its responsibility for ensuring that a pr ocess responsibility for ensuring that a process is in place to make appropriate training is in place to make appropriate training available to Court members as required available to Court members as required and has put in place an induction and and has put in place an induction and development framework to support this. developmentP framework to supportPP this. In the past year, members have been In the past year, members have been given the opportunity to attend governor given the opportunity to attend governor development eve development events nts run by Advance HE run by Advance HE

52 52

and other relevant externally organised and other relevant externally organised development events. The University development events. The University provides administrative and financial provides administrative and financial support to members to enable their support to members to enable their attendance. attendance.

the University’s systems of internal the University's systems of internal control. Management is responsible for control. Management is responsible for the implementation of agreed audit the implementation of agreed audit recommendations and the internal recommendations and the internal - auditors undertake periodic follow auditors undertake periodic follow-up up reviews to ensure that such reviews to “= that such recommendations have been recommendations have been implemented. ;implemented.

The The Remuneration Committee Remuneration Committee determines the remuneration of the most determines the remuneration of the most senior staff, including the Principal. senior staff, including the Principal. Details of the remuneration of senior Details of the remuneration of senior - post post-holders holders for the year ended 31 July for the year ended 31 July 2025 are set out in the notes to the 2025 are Set out in the notes to the financial statements. financial statements.

It also receives and considers relevant It also receives and considers relevant reports from the SFC as they affect the reports from the SFC as they affect the University’s business and monitors University’s business and monitors adherence to the regulatory adherence to the regulatory requirements. requirements.

Meetings of the Audit and Risk Meetings[of][the][Audit][and][Risk] Committee are attended by the Committee are attended by the University’s external and internal University’s external and internal auditors. The Audit and Risk Committee auditors. The Audit and Risk Committee advises the Court on the appointment of advises the Court on the appointment of the internal and external auditors and the the internal and external auditors and the auditors’ remuneration. In parallel w auditors’ remuneration. In parallel with ith the Finance and Property Committee, it the Finance and Property Committee, it also reviews the financial statements and also reviews the financial statements and

makes appropriate recommendations makes appropriate recommendations

regarding their approval to the Court. regarding their approval to the Court.

It is the opinion of the University’s It is the opinion of the University’s internal auditors that internal auditors that the the University has a University has a framework of controls in place that framework of controls in place that provides reasonable provides reasonable / moderate / moderate assurance regarding the organisation’s assurance regarding the organisation's governance framework, internal controls, governance framework, internal controls, effective and efficient achievement of effective and efficient achievement of objectives and the management of key objectives and the management of key risks. risks,

Whilst members of the University Whilst members of the University

The The University’s internal auditors monitor University’s internal auditors monitor the systems of internal control, risk the systems of internal control, risk management controls and governance management controls and governance processes in accordance with an agreed processes in accordance with an agreed plan and report their findings to plan and report their findings to management and the Audit and Risk management and the Audit and Risk Committee. Committee.

Leadership Team attend meetings of the Leadership Team attend meetings of the Audit and Risk Committee as necessary, Audit and Risk Committee as necessary, they are not members of the committee, they are not members of the committee, and the convenor meets both the internal and the convenor meets both the internal and external auditors on their own for and external auditors on their own for independent discussions. independent discussions.

Corporate Strategy Audit and Risk Committee considers Audit and Risk. Committee considers. Corporate Strategy In respect of its strategic and detailed internal audit reports and their detailed internal audit reports and their In respect of of its strategic and recommendations for the improvement of recommendations for the improvement of development

In respect of its strategic and In respect of of its strategic and development responsibilities, the Court development responsibilities, the Court receives recommendations and advice receives recommendations and advice

53 53

from members of the University from members of the University institutional performance monitoring institutional performance monitoring Leadership Team. The Court holds up to Leadership Team. The Court holds up to reports provided to the Court. reports provided to the Court. two annual conferences with the two annual conferences with the University Leadership Team and other University; Leadership; Team and other The The Court regularly considers risk and Court regularly considers risk and ; control and receives reports thereon from control and receives reports thereon from senior managers to discuss strategic senior managers to discuss strategic ; the University Leadership Team and the the University Leadership Team and the issues facing the University. It is the Court issues facing the University. It is the Court Audit and Risk Committee. The emphasis Audit and Risk Committee. The emphasis that approves the University Stra that approves the University Strategy tegy and and - is on obtaining the relevant degree of puts in place appropriate measures by puts in place appropriate measures by is on obtaining the relevant degree of a assurance and not merely reporting by which it can monitor progress. which assurance and not merely reporting by it can monitor progress. exception. At its D exception. At its December ecember 2024 meeting 2024 meeting . , the Court received the annual report from the Court received the annual report from University Court Statement on University Court Statement on . . P the Audit and Risk Committee covering Internal Control Internal Control the Audit and Risk Committee covering the period to 31 July 2024. An annual the period to 31 July 2024. An annual The University Court is responsible for the The University Court is responsible for the the risk review process is overseen by the risk review process is overseen by the system of internal control and has system of internal control and has Audit and Risk Committee which Audit and Risk Committee which delegated to the Principal the review of delegated to the the Principal the review of identifies the University’s top strategic identifies the University's top strategic its effectiveness, as the nominated officer its effectiveness, effectiveness, as the nominated the nominated nominated officer an and d corporate risks and the Court receives corporate risks and the Court receives responsible to the SFC for propriety and responsible to the SFC the SFC SFC for propriety and and regular risk monitoring reports at its regular risk monitoring reports at its regularity in the use of public funding and regularity in the use of public funding and public funding and funding and and meetings throughout the year. meetings throughout the year.

The The University Court is responsible for the University Court is responsible for the the system of internal control and has system of internal control and has delegated to the Principal the review of delegated to the the Principal the review of its effectiveness, as the nominated officer its effectiveness, effectiveness, as the nominated the nominated nominated officer responsible to the SFC for propriety and responsible to the SFC the SFC SFC for propriety and and regularity in the use of public funding and regularity in the use of public funding and public funding and funding and and for the for the economic, efficient and effective economic, efficient and effective use of all available resources. Such a use of all available resources. Sucha system is designed to manage rather system is designed to manage rather than eliminate the risk of failure to than eliminate the risk of failure to achieve business objectives and can only achieve business objectives and can only provide reasonable and not absolute provide reasonable and not absolute assurance against material mis assurance against material misstatement statement or loss. or loss.

The The Court is of a view that there is an Courtis of a view that there is an ongoing process for identifying, ongoing process for identifying, evaluating and managing the University’s evaluating and managing the University’s significant risks that has been in place significant risks that has been in place throughout the year ended 31 July 2025 throughout the year ended 31 July 2025 and up to the date of approval of the and up to the date of approval of the annual report and financ annual report and financial ial statements. statements. This This process is reviewed regularly by the process is reviewed regularly by the Court and accords with current good Court and accords with current good practice of governance in the higher practice of governance in the higher education sector of the UK. education sector of the UK.

The The Court and University Leadership Court and University Leadership Team Team receive reports setting out key receive reports setting out key performance and risk indicators and performance and risk indicators and consider possible control issues brought consider possible control issues brought to their attention by early warning to their attention by early warning mechanisms which are embedded within mechanisms which are embedded within the operational units and reinfor the operational units and reinforced ced by by risk awareness activity. Ongoing risk awareness activity. Ongoing improvements have been made to the improvements have been made to the

54 54

Going Concern Going Concern

; ; The The Court considers that the University Court considers that the University has adequate resources to continue in has adequate resources to continue in operational existence for the foreseeable operational,[existence] ;[for][the][foreseeable]

future, and at least 12 months from the future, and at least 12 months from the

date of the approval of the financial date of the approval of the financial

statements, as described in more detail statements, as described in more detail

on page 79. on page 79.

Conclusion Conclusion

The The Court considers that a robust set of governance arrangements and procedures are in Court considers that a robust set of governance arrangements and procedures are in place to allow it to fulfil its responsibilities. place to allow it to fulfil its responsibilities.

On behalf of the University Court, On behalf of the University Court,

Rex Tomlinson Rex Tomlinson

Chair Chair of of University University Court Court

LY Professor Sue Rigby Professor Sue Rigby Principal and Vice Principal and Vice-Chancellor - Chancellor

December 2025 December 2025

55 55

General Information General Information

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|||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Chancellor|Chancellor|Will Whitehorn OBE MA FRAeS FCILT FMS|Will|Whitehorn|OBE MA|FRAeS|FCILT|FMS| |Chair of Court|Chair|of|Court|Rex Tomlinson BCom HDPM SEP|Rex|Tomlinson|BCom|HDPM|SEP| |;|Professor Andrea M Nolan CBE MVB FRCVS DVA PhD DiplECVA| |Principal and Vice|Principal|[and]|[Vice-Chancellor]|-|Chancellor|Professor Andrea M|Nolan CBE MVB FRCVS DVA PhD DipIECVA| |DipECVPT (To 31 December 2024)|DipECVPT|(To|31|December|2024)| |.|Professor Sue Rigby|MA(Oxon), PhD(Cantab), FRSE|, PFHEA| |Principal and Vice|Principal|[and]|[Vice-Chancellor]|-|Chancellor|Professor Sue Rigby MA(Oxon),|PhD(Cantab),|FRSE, PFHEA| |(From 01 January 2025)|(From|01|January|2025)| |Secretary to University Court|Secretary|to|University|Court|Michael Greenhalgh BSc|Michael|Greenhalgh|BSc| |Director of Finance and Operations|Director|of|Finance|and|Operations|Andy McGoff MA (Hons) CA (To 31 July 2025)|Andy|McGoff MA|(Hons)|CA|(To|31|July|2025)| |Finance Director|Finance|Director|Laura Wright|Laura|Wright BA|BA (Hons) CA|(Hons)|CA (From|(From 01 August 2025)|01|August|2025)| |KPMG LLP 319 St Vincent St Glasgow G2 5AS (To 31 March| |External Auditor|External|Auditor|KPMG|LLP|319|St Vincent St Glasgow G2 5AS|(To|31|March| |2025)|2025)| |External Auditor|External|Auditor|AAB, 81 George St, Edinburgh, EH2 3ES (From 01 April 2025)|AAB,|81|George|St,|Edinburgh,|EH2|3ES|(From|01|April|2025)| |PricewaterhouseCoopers LLP 141 Bothwell Street Glasgow G2| |Internal Auditor|Internal|Auditor|PricewaterhouseCoopers LLP|141|Bothwell|Street Glasgow G2| |7EQ|7EQ| |-| |Royal Bank of Scotland plc 142|144 Princes Street Edinburgh| |Banker|Banker|Royal|Bank of Scotland|plc 142-144|Princes Street Edinburgh| |EH2 4EQ|EH2|4EQ| |Solicitor|Solicitor|Anderson Strathern LLP 58 Morrison St Edinburgh EH3 8BP|Anderson|Strathern|LLP|58|Morrison|St|Edinburgh|EH3 8BP| |Actuary|Actuary|Mercer Limited G1 Building 5 George Square Glasgow G2 1AR|Mercer|Limited|G1|Building|5|George|Square|Glasgow G2|1AR|

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f 1 & Whe Py { <a ‘ fo
56
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University Leadership Team University Leadership Team

Professor Andrea Nolan
ProfessorAndrea Nolan		 Principal and Vice
-
Chancellor (To 31 December 2024)
Principal and Vice-Chancellor (To 31 December 2024)
Professor Sue Rigby
Professor Sue Rigby		 Principal and Vice
-
Chancellor (From 01 January 2025)
Principal and Vice-Chancellor (From 01 January 2025)
Professor Nazira Karodia
Professor Nazira Karodia		 Deputy Vice Chancellor and Vice
-
Principal of Learning and Teaching
Deputy Vice Chancellor and Vice-Principal of Learningand Teaching
Director of Finance and Operations (To 31 July 2025)
Director of Finance and Operations (To 31 July 2025)
Andy McGoff
AndyMcGoff		 Vice Principal of Business Engagement and Dean of the Business School (From
Vice Principal of Business Engagement and Dean of the Business School (From
01 August 2025)
01 August 2025)
Laura Wright
Laura Wright		 Finance Director (From 01 August 2025)
Finance Director (From 01 August 2025)
Director of People and Student Services (To 31 July 2025)
Director of People and Student Services (To 31 July 2025)
Carolann Begbie
Carolan Begbie		 Director of People, Information Services and Student Services (from 01 August
Director of People, Information Services and Student Services (from 01 August
2025)
2025)
Professor Nick Antonopoulos
Professor
NickAntonopoulos		 Deputy Vice Chancellor and Vice
-
Principal of Research and Innovation (To 09
May 2025)
DeputyVice ChancellorandVice-Principal ofResearch and Innovation (To09
May2025)
Naomi Graham
Naomi Graham		 Vice Principal International and External Relations
Vice Principal International and External Relations
Director of Strategy and Planning and Secretary to Court (To 31 July 2025)
Director of Strategy and Planningand Secretary to Court (To 31 July 2025)
Michael Greenhalgh
Michael Greenhalgh		 Director of Finance, Strategy and Planning and Secretary to Court (From 01
Director of Finance, Strategy and Planning and Secretary to Court (From 01
August 2025)
August 2025)
Professor Gary Hutchison
ProfessorGaryHutchison		 Assistant Principal for External Engagement (From 01 July 2025)
AssistantPrincipalforExternalEngagement(From01July2025)

C Court ourt Membership Membership

The The following persons served as members of Court during the year to 31 July 2025, and up following persons served as members of Court during the year to 31 July 2025, and up to the date of approval of these Financial Statements. In the case of those who became or to the date of approval of these Financial Statements. In the case of those who became or ceased to be members during the year, the appropriate dates are shown. ceased to be members during the year, the appropriate dates are shown.

Court
Member
CourtMember		 Date of
Appointment
Date
of
a ee
Appointment		 Date of
Retirement
Date
of
a ee
Retirement		 Category
Category
Paolo
Alonzi
Paolo Alonzi		 31 December 2024
31 December 2024		 Non
-
Executive
Non-Executive
Prof
Peter
Andras
Prof PeterAndras		 Staff
Staff
Prof
Nick
Antonopoulos
Prof NickAntonopoulos		 09 May 2025
09 May 2025		 Vice
-
Principal
Vice-Principal
Austen
Brunton
Austen Brunton		 01 August 2025
01 August 2025		 Student
Student
Ryan
Cairns
RyanCairns		 31 July 2025
31July2025		 Student
Student

57 57

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||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Date of|Date of| |Court|Court Member|Member|Date °'|Date of|Category|Category| |Appointment|Appointment|Retirement|Retirement| |Debs|Debs Chapman|Chapman|Non|Non-Executive|-|Executive| |Prof|Prof Max|Max Chipulu|Chipulu|Staff|Staff| |Jeremy|Jeremy Chittleburgh|Chittleburgh|Non|Non-Executive|-|Executive| |Prof|Prof|Stuart|Stuart|Cross|Cross|Non|Non-Executive|-|Executive| |Dr V|Dr Vanessa|anessa Davies|Davies|01 August 2025|01|August|2025|Non|Non-Executive|-|Executive| |Linda|Linda|Duncan|Duncan|Non|Non-Executive|-|Executive| |Evans|Evans|Eghan|Eghan|Student|Student| |Dr|Dr|Kirsty|Kirsty|Hewitson|Hewitson|07 July 2025|07|July|2025|Non|Non-Executive|-|Executive| |Prof|Prof|Nazira|Nazira|Karodia|Karodia|02 May 2025|02|May|2025|Vice|Vice-Principal|-|Principal| |Sonia|Sonia|Kumar|Kumar|Non|Non-Executive|-|Executive| |Prof N|Prof|Nick|ick Lieven|Lieven|01 August 2025|01|August|2025|Non|Non-Executive|-|Executive| |Liz|Liz|McAreavey|McAreavey|12 June 2025|12|June|2025|Non|Non-Executive|-|Executive| |Malcolm|Malcolm|Melville|Melville|Non|Non-Executive|-|Executive| |Qing|Qing|Miao|Miao|Non|Non-Executive|-|Executive| |Prof|Prof Andrea|Andrea Nolan|Nolan|31 December 2024|31|December|2024|Principal and Vice|Principal|and|Vice-Chancellor|-|Chancellor| |Tayo|Tayo|Oyinlola|Oyinlola|31 July 2025|31|July|2025|Non|Non-Executive|-|Executive| |Dr H|Dr|Holly|olly Patrick|Patrick-Thomson|-Thomson|Staff|Staff| |Lady|Lady Ann|Ann Paton|Paton|Non|Non-Executive|-|Executive| |Prof|Prof Sue|Sue Rigby|Rigby|01 January 2025|01|January|2025|Principal and Vice|Principal|and|Vice-Chancellor|-|Chancellor| |D|David|avid Scott|Scott|01 August 2025|01|August|2025|Non|Non-Executive|-|Executive| |Paul|Paul|Sim|Sim|Staff|Staff| |Rex|Rex Tomlinson|Tomlinson|Non|Non-Executive|-|Executive| |Peter|Peter|Upton|Upton|Non|Non-Executive|-|Executive| |Helen|Helen|Wareing|Wareing|Staff|Staff| |Prof|Prof|Lesley|Lesley Yellowlees|Yellowlees|Non|Non-Executive|-|Executive|

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58

Court Membership Court Membership – — Attendance Attendance

The following persons who served as members of Court during the year to 31 July 2025, are The following persons who served as members of Court during the year to 31 July 2025, are shown below with their attendance records at relevant Committees. shown below with their attendance records at relevant Committees.

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||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Name|Name|Court|Court|Audit|Audit & Risk|&|Risk|Finance &|Finance &|Nominations|Nominations|Remuneration|Remuneration| |Committee|Committee|Property|Property|Committee|Committee|Committee|Committee| |Committee|Committee| |Paolo Alonzi|Paolo|Alonzi|0%|0%| |Prof Peter Andras|Prof|Peter|Andras|100%|100%|100%|100%| |Prof Nick Antonopoulos|Prof|Nick Antonopoulos|100%|100%|75%|75%| |Ryan Cairns|Ryan|Cairns|100%|100%| |Debs Chapman|Debs|Chapman|50%|50%| |Prof Max Chipulu|Prof Max|Chipulu|75%|75%| |Jeremy Chittleburgh|Jeremy|Chittleburgh|100%|100%|100%|100%|100%|100%|100%|100%| |Prof|Prof|Stuart Cross|Stuart|Cross|100%|100%|75%|75%|100%|100%|100%|100%| |Linda Duncan|Linda|Duncan|100%|100%|100%|100%|100%|100%| |Evans Eghan|Evans|Eghan|100%|100%|33%|33%|50%|50%| |Dr Kirsty Hewitson|Dr|Kirsty|Hewitson|0%|0%| |Prof Nazira Karodia|Prof|Nazira|Karodia|100%|100%|100%|100%| |Sonia Kumar|Sonia|Kumar|100%|100%|75%|75%| |Liz McAreavey|Liz|McAreavey|100%|100%| |Malcolm Melville|Malcolm|Melville|100%|100%|100%|100%| |Qing Miao|Qing|Miao|100%|100%|100%|100%| |Prof Andrea Nolan|Prof Andrea|Nolan|100%|100%|100%|100%|100%|100%|100%|100%|100%|100%| |Tayo Oyinlola|Tayo|Oyinlola|75%|75%|60%|60%| |Lady Ann Paton|Lady|Ann|Paton|100%|100%| |Dr Holly Patrick|Dr|Holly|Patrick-Thomson|-|Thomson|100%|100%|100%|100%| |Prof Sue Rigby|Prof Sue|Rigby|100%|100%|100%|100%|100%|100%|100%|100%|100%|100%| |Paul Sim|Paul|Sim|100%|100%| |Rex Tomlinson|Rex|Tomlinson|100%|100%|100%|100%|100%|100%|50%|50%| |Peter Upton|Peter|Upton|100%|100%|75%|75%| |Helen Wareing|Helen|Wareing|100%|100%| |Prof Lesley Yellowlees|Prof|Lesley Yellowlees|100%|100%|100%|100%|50%|50%|100%|100%|

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59

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ba git
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Statement of Responsibilities of the Statement of Responsibilities of the University Court University Court

The The University Court has unambiguous and collective responsibility for University Court has unambiguous and collective responsibility for the oversight of the University’s activities and determining its future the oversight of the University’s activities and determining its future direction. In addition, in accordance with its Statutory Instrument, the direction. In addition, in accordance with its Statutory Instrument, the University Court is responsible for the University Court is responsible for the administration administration and management of and management of the affairs of the University including ensuring an effective system of the affairs of the University including ensuring an effective system of internal control and is required to present audited financial statements internal control and is required to present audited financial statements for each financial year. for each financial year.

The The Court, however, ensures that its functions relating to the Court, however, ensures that its functions relating to the organisation and management of the University are discharged by the organisation and management of the University are discharged by the Principal and may delegate such other of its functions and powers as the Principal and may delegate such other of its functions and powers as the Court may from time to time determine. In dischargin Court may from time to time determine. In discharging g such functions, such functions, the Principal is subject to the strategic direction and control of the Court, the Principal is subject to the strategic direction and control of the Court, but otherwise the Principal has all the powers and duties of the Court in but otherwise the Principal has all the powers and duties of the Court in relation to the implementation of such strategy. The full Statement of relation to the implementation of such strategy. The full Statement of Primary Respons Primary Responsibilities ibilities of the University Court is published on the of the University Court is published on the University’s website. University’s website.

The The Court is responsible for keeping proper accounting records, which Court is responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the disclose with reasonable accuracy at any time the financial position of the University and to enable it to ensure that the financial statements are University and to enable it to ensure that the financial statements are prepared in accordance with the Univer prepared in accordance with the University's sity's Statutory Instrument, the Statutory Instrument, the Statement of Recommended Practice: Statement of Recommended Practice:

Accounting for Further and Higher Education and other relevant Accounting for Further and Higher Education and other relevant standards. In addition, within the terms and conditions of the SFC standards. In addition, within the terms and conditions of the SFC Financial Memorandum, the Court, through its designated officer, is Financial Memorandum, the Court, through its designated officer, is required to prepare financial statements for each financia required to prepare financial statements for each financial l year which year which give a true and fair view of the situation of the University and of its give a true and fair view of the situation of the University and of its surplus or deficit and cash flows for that year. surplus or deficit and cash flows for that year.

61 61

==> picture [586 x 733] intentionally omitted <==

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or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at

https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the University Court of Edinburgh Napier University, as a body, in accordance with regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Our audit work has been undertaken so that we might state to the University Court those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Edinburgh Napier University and the University Court as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Shaw

for and on behalf of AAB Audit & Accountancy Limited

Statutory Auditor 81 George Street Edinburgh EH2 3ES

Date: 12 Ocsernher 25257

AAB Audit & Accountancy Limited is eligible to act as an auditor under section 1212 of the Companies Act 2006

69

==> picture [61 x 7] intentionally omitted <==

----- Start of picture text -----
BSS
----- End of picture text -----

66,845
5,905
23,382
2,855
521
66,845
5,905
23,382
2,855
521		 56,009
5,442
22,171
2,807
4,560
56,009
5,442
22,171
2,807
4,560		 71,124
5,
4
76
19,799
7,676
853
71,124
5,476
19,799
7,676
853		 59,639
5,231
18,
729
7,633
6,025
59,639
5,231
18,729
7,633
6,025
―――――― ―――――― ―――――― ――――――
159,264
159,264		 150,745
150,745		 1
71,756
171,756		 1
64,085
164,085
══════ ══════ ══════ ══════
104,406
104,406		 99,153
99,153		 106,809
106,809		 10
0,799
100,799
186
186		 186
186		 58
58		 57
57
49,100
49,100		 45,77
8
45,778		 52,3
80
52,380		 49
,
629
49,629
7,111
7,111		 7,09
3
7,093		 7,17
2
7,172		 7,157
7,157
245
245		 245
245		 242
242		 242
242
―――――― ―――――― ―――――― ――――――
161,048
161,048		 152,45
5
152,455		 16
6,661
166,661		 15
7,884
157,884
══════ ══════ ══════ ══════
(1,784)
(1,784)		 (1,71
0
)
(1,710)		 5,095
5,095		 6,201
6,201
8
8		 8
8		 -
=		 -
=
69
69		 10
10		 148
148		 44
44
―――――― ―――――― ―――――― ――――――
(1,707)
(1,707)		 (1,69
2
)
(1,692)		 5,243
5,243		 6,245
6,245
(280)
(280)		 (166)
(166)		 (72)
(72)		 48
48
―――――― ―――――― ―――――― ――――――
(1,987)
(1,987)		 (1,8
58
)
(1,858)		 5,171
5,171		 6,293
6,293
(375)
(375)		 (375)
(375)		 (5,424)
(5,424)		 (5,424)
(5,424)
――――――
(2,362)
══════
(2,362)		 ――――――
(2,23
3
)
══════
(2,233)		 ――――――
(2
53
)
══════
(253)		 ――――――
869
══════
869
4
2
42		 27
27		 5
5
55		 20
20
208
208		 -
-		 2
81
281		 -
-
(2,612)
(2,612)		 (2,26
0
)
(2,260)		 (589)
(589)		 849
849
―――――― ―――――― ―――――― ――――――
(2,36
2
)
(2,362)		 (2,23
3
)
(2,233)		 (25
3
)
(253)		 869
869
══════ ══════ ══════
══════		 ══════
――――――
55
――――――
55		 ――――――
281
――――――
281		 ――――――
281
(589)
――――――
(589)		 ――――――
(589)
-
――――――
-		 ――――――
(253)
――――――
(253)
-
-		 -
-		 -
(375)
(375)		 (375)
-
-		 (375)
(375)
――――――
4
2
――――――
42		 ――――――
208
――――――
208		 ――――――
208
(2,612)
――――――
(2,612)		 ――――――
(2,612)
-
――――――
=		 ――――――
(2,3
6
2)
――――――
(2,362)
859
859		 1,937
1,937		 1,937
130,515
130,515
4,325
4,325		 137,636
137,636
══════ ══════ ══════ ══════ ══════
312
312		 -
-		 -
127,349
127,349
4,325
4,325		 131,986
131,986
20
20		 -
-		 -
6,273
6,273		 6,273
-
-		 6,2
9
3
6,293
-
=		 -
-		 -
(5,424)
(5,424)		 (5,424)
-
-		 (5,424)
(5,424)
――――――
20
――――――
20		 ――――――
-
――――――
-		 ――――――
-
849
――――――
849		 ――――――
849
-
――――――
=		 ――――――
869
――――――
869
27
-
2
/
-		 -
-
-
-		 -
(1,88
5
)
-
(375)
1,
ese)
(375)		 -
-
-
-		 (1,85
8
)
(375)
,
ses)
(375)
―――――― ―――――― ―――――― ―――――― ――――――
27
27		 -
-		 -
(2,26
0
)
(2,260)		 -
-		 (2,23
3
)
(2,233)
―――――― ―――――― ―――――― ―――――― ――――――
359
359		 -
-		 -
125,938
125,938		 4,325
4,325		 130,622
130,622
══════ ══════ ══════ ══════ ══════
111,387
2,385
111,387
2,385		 111,309
828
111,309
828		 112,471
2,152
112,471
2,152		 112,471
112,409
2,152
812
112,409
812
―――――― ―――――― ―――――― ――――――
113,772
113,772		 112,137
112,137		 114,623
114,623		 114,623
113,221
113,221
―――――― ―――――― ―――――― ――――――
42
17,262
5,879
59,031
42
17,262
5,879
59,031		 42
13,95
7
5,879
57,874
42
13,957
5,879
57,874		 44
14,969
11,751
53,542
44
14,969
11,751
53,542		 44
11,194
11,751
52,261
44
11,194
11,751
52,261
―――――― ―――――― ―――――― ――――――
82,214
82,214		 77,75
2
77,752		 80,
306
80,306		 75,250
75,250
(49,032)
(49,032)		 (49,949)
(49,949)		 (45,
210
)
(45,210)		 (
45,895
)
(45,895)
―――――― ―――――― ―――――― ――――――
33,182
33,182		 27,80
3
27,803		 35,09
6
35,096		 2
9,355
29,355
―――――― ―――――― ―――――― ――――――
(8,544)
(8,544)		 (8,544)
(8,544)		 (9,454)
(9,454)		 (9,454)
(9,454)
(9,454)
―――――― ―――――― ―――――― ――――――
137,636
137,636		 130,62
2
130,622		 139,99
8
139,998		 8
132,
855
132,855
══════ ══════ ══════ ══════
130,515
4,325
130,515
4,325		 125,938
4,325
125,938
4,325		 133,127
4,325
133,127
4,325		 133,127
12
8,198
4,325
4,325
128,198
4,325
―――――― ―――――― ―――――― ――――――
137,636
137,636		 130,622
130,622		 139,99
8
139,998		 8
132,
855
132,855
══════ ══════ ══════ ══════
(2,83
7
)
245
(295)
(2,837)
245
(295)		 (3,170)
242
(337)
(3,170)
242
(337)
―――――― ――――――
2,98
5
2,985		 (54)
(54)
(280)
(280)		 (72)
(72)
―――――― ――――――
2,70
5
2,705		 (126)
(126)
══════ ══════
950
950		 1,084
1,084
295
295		 337
337
2,
837
2,837		 3,170
3,170
(5
,
811)
(5,811)		 (7,622)
(7,622)
(
1,114
)
(1,114)		 (562)
(562)
5,
872
5,872		 (11,751)
(11,751)
―――――― ――――――
3,
02
9
3,029		 (15,344)
(15,344)
══════ ══════
(245)
(245)		 (289)
(289)
―――――― ――――――
(245
)
(245)		 (289)
(289)
══════ ══════
5,489
5,489		 (15,759)
(15,759)
══════ ══════

==> picture [549 x 685] intentionally omitted <==

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Consequently, the Consequently, the University Court University Court is is

confident that the Group and parent confident that the Group and parent

University University will will have have sufficient sufficient funds funds to to

The The consolidated financial statements do consolidated financial statements do not include the income and expenditure of not include the income and expenditure of the Students' Union as the University the Students’ Union as the University does not exert control or dominant does not exert control or dominant influence over policy decisions. influence over policy decisions.

Recognition of income Recognition of income

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

Tuition Tuition fee income is stated gross and fee income is stated gross and credited to the Consolidated Statement of credited to the Consolidated Statement of Comprehensive Income and Expenditure Comprehensive Income and Expenditure over the period in which the students are over the period in which the students are studying. This represents a change in studying. This represents a change in accounting policy compared to prior accounting policy compared to prior years, when the income years, when the income was was recognised recognised when the University was entitled to it. when the University was entitled to it. Bursaries and scholarships are accounted Bursaries and scholarships are accounted for gross as expenditure and not for gross as expenditure and not deducted from income. deducted from income.

Investment income is credited to the Investment income is credited to the Consolidated Statement of Consolidated Statement of

Comprehensive Income and Expenditure Comprehensive Income and Expenditure

on a receivable basis. on a receivable basis.

Funds which the University receives and Funds which the University receives and disburses as paying agent on behalf of a disburses as paying agent on behalf of a

funding body are excluded from the funding body are excluded from the

income and expenditure of the University income and expenditure of the University where the University is exposed to where the University is exposed to

minimal risk or enjoys minimal economic minimal risk or enjoys minimal economic benefit related to the t benefit related to the transaction. ransaction.

a) Grant funding a) Grant funding

Government revenue grants and Government revenue grants and research grants from government research grants from government sources are recognised in income over sources are recognised in income over

the periods in which the University the periods in which the University recognises the related costs for which recognises the related costs for which the grant is intended to compensate. the grant is intended to compensate. Where part of a government grant is Where part of a government grant is deferred it is recognised as deferred deferred it is recognised as deferred income within creditors and allocated income within creditors and allocated between creditors due within one between creditors due within one year year and due after more than one year, as and due after more than one year, as appropriate. appropriate.

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

b) Donations and endowments b) Donations and endowments

Donations and endowments with Donations and endowments with

donor donor-imposed - imposed restrictions are restrictions are recognised in income when the recognised in income when the University is entitled to the funds. University is entitled to the funds. Income is retained within the Income is retained within the restricted reserve until such time that restricted reserve until such time that it is utilised in line with such it is utilised in line with such

restrictions at which poi restrictions at which point nt the income the income is released to general reserves through is released to general reserves through

a reserve transfer. a reserve transfer.

Donations with no restrictions are Donations with no restrictions are

recognised in income when the recognised in income when the

University is entitled to the funds. University is entitled to the funds.

Investment income and appreciation of Investment income and appreciation of endowments are recorded in income in endowments are recorded in income in the year in which they arise as either the year in which they arise as either restricted or unrestricted income restricted or unrestricted income according to the terms of any according to the terms of any

restriction applied to the individual restriction applied to the individual

endowment fund. endowment fund.

77 77

the future or through refunds from the the future or through refunds from the scheme. scheme.

Payments under service concession Payments under service concession arrangements are allocated between arrangements are allocated between service costs, finance charges and service costs, finance charges and financial liability repayments to reduce financial liability repayments to reduce the financial liability to nil over the the financial liability to nil over the lifetime of the arrangement. lifetime of the arrangement.

Employment benefits Employment benefits

Short term employment benefits such as Short term employment benefits such as lifetime salaries and compensated absences are salaries and compensated absences are recognised as an expense in the year in recognised as an expense in the year in Operating leases Operating leases which the employees render service to which the employees render service to the University. Any unused benefits are the University. Any unused benefits are Costs in respect of operating

accrued and measured as the additional accrued and measured as the additional charged on a straight charged on a a

amount which the Unive amount which the University rsity expects to expects to term of the lease term of the the lease

pay as a result of the unused entitlement. pay as a result of the unused entitlement. Any lease premiums lease premiums premiums or incentives are

Costs in respect of operating leases are Costs in respect of operating leases are charged on a straight charged on a a straight-line - line basis over the basis over the term of the lease term of the the lease

Any lease premiums or incentives are Any lease premiums lease premiums premiums or incentives are spread over the minimum lease term. spread over the minimum lease term.

: Finance leases Finance leases

Leases in which the University assumes Leases in which the University assumes substantially all the risks and rewards of substantially all the risks and rewards of

ownership of the leased asset are ownership of the leased asset are classified as finance leases. Leased assets classified as finance leases. Leased assets

acquired by way of a finance lease and acquired by way of a finance lease and

the corresponding lease liabilities are the corresponding lease liabilities are initially recogni initially recognised sed at an amount equal to at an amount equal to

the lower of their fair value and the the lower of their fair value and the

present value of the minimum lease present value of the minimum lease

payments at inception of the lease. payments at inception of the lease.

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

interest on the remaining ba interest on the remaining balance lance of the of the liability. liability,

. . Service Concession Arrangements Service Concession Arrangements

Fixed assets held under service Fixed assets held under service concession arrangements are recognised concession arrangements are recognised on the Balance Sheet at the present value on the Balance Sheet at the present value of the minimum lease payments when of the minimum lease payments when the assets are brought into use with a the assets are brought into use with a corresponding financial liability. corresponding financial liability.

Foreign currency Foreign currency

Transactions Transactions denominated in foreign denominated in foreign currencies are recorded at the rate of currencies are recorded at the rate of exchange ruling at the dates of the exchange ruling at the dates of the transactions. Monetary assets and transactions. Monetary assets and liabilities denominated in foreign liabilities denominated in foreign currencies are translated into sterling currencies are translated into sterling either at year end rates or, where t either at year end rates or, where there here are related forward foreign exchange are related forward foreign exchange contracts, at contract rates. The resulting contracts, at contract rates. The resulting exchange differences are dealt with in the exchange differences are dealt with in the determination of income and expenditure determination of income and expenditure for the financial year. for the financial year.

Fixed assets Fixed assets

Fixed assets are stated at cost less Fixed assets are stated at cost less

accumulated depreciation and accumulated depreciation and accumulated impairment losses. Certain accumulated impairment losses. Certain items of fixed assets which were revalued items of fixed assets which were revalued 7 to fair value on the date of transition to to fair value on the date of transition to the 2015 SORP are measured on the the 2015 SORP are measured on the basis of deemed cost being the r basis of deemed cost being the revalued evalued

amount at the date of that revaluation. amount at the date of that revaluation.

Where parts of a fixed asset have Where parts of a fixed asset have different useful lives, they are accounted different useful lives, they are accounted for as separate items of fixed assets. for as separate items of fixed assets.

79 79

==> picture [393 x 188] intentionally omitted <==

----- Start of picture text -----
||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Land and Buildings|Land|and|Buildings|Non|Non-computer|-|computer|10 years|10|years| |equipment| |Land is stated at deemed cost on the date|Land|equipment| |Furniture|10 years| |of transition to the 2015 SORP. Land is|of|trani|s|statedition|to a|t|he deemed2015|SORP.cost onLand the dateis|Furniture|10 years| |not depreciated as it is considered to have|not|depreciated|as|it|is|considered|to|have|Residences|Residences|8 years|8|years| |an indefinite life.|an|indefinite|life.|furniture and|furniture|and| |fittings| |Buildings are stated at cost less|Buildings|fittings| |are stated at|cost less|.|Computer|Computer|3 years|3 years| |accumulated depreciation. Costs incurred| |accumulated|depreciation.|Costs|incurred|equipment|equipment| |in relation to buildings after their initial| |in|relation to|buildings after their initial|Research|Research|2 years or|2 years or| |purchase or construction are capitalised| |purchase or construction|are|capitalised|equipment|equipment|project life|project|life| |to the extent that they increase the|to|the|extent|that they|increase|the| |expected future benefits to the University.| |expected future|benefits|to the|University.|Investments|Investments|

----- End of picture text -----

Buildings are depreciated over their Buildings are depreciated depreciated over their their

expected useful life of 50 years. Certain expected useful life of 50 of 50 50 years. Certain

items of infrastructure, including wiring and heating installations are depreciated and heating installations are depreciated anditemsheatingofitemsheatingofheatingofinfrastructure,—installations_—installations_installations__ infrastructure,—installations_—installations_installations__ includingareare depreciated88 wirin 8 over their expected useful life of 25 years. over their expected useful life of 25 25 years. Temporary Temporary buildings are depreciated over buildings are depreciated depreciated over

the per the period iod in which they are granted in which which they are granted are granted granted planning permission. planning permission.

Buildings are depreciated over their Buildings are depreciated depreciated over their their Investments are held at fair value, with Investments are held at fair value, with expected useful life of 50 years. Certain expected useful life of 50 of 50 50 years. Certain movements recognised in the movements recognised’ised inin theth of wirin Consolidated Statement of items of infrastructure, including wiring and heating installations are depreciated and heating installations are depreciated anditemsheatingofitemsheatingofheatingofinfrastructure,—installations_—installations_installations__ includingareare depreciated88 8 Consolidated ; Statement of ; Comprehensive Income and Expenditure. Comprehensive Income and Expenditure. over their expected useful life of 25 years. over their expected useful life of 25 25 years. Temporary buildings are depreciated over Temporary buildings are depreciated depreciated over Stock Stock the per the period iod in which they are granted in which which they are granted are granted granted oc planning permission. planning permission. Stock is held at the lower of cost and net Stock is held at the lower of cost and net No depreciation is charged on assets in No depreciation.is charged on assets ,in realisable value. No account is taken of realisable value.; No account; is taken, of stock held in academic or professional the course of construction. the course of construction. stock, held in academic or professional service departments. service departments.

Property which is expected to be sold Property which is expected to be sold within one year of the Balance Sheet date within one year of the Balance Sheet date is held within Current Assets as an Asset is held within Current Assets as an Asset held for sale. held for sale.

Cash and cash equivalents Cash and cash equivalents

Cash includes cash in hand, deposits Cash includes cash in hand, deposits

repayable on demand and overdrafts. repayable on demand and overdrafts.

Deposits are repayable on demand if they Deposits are repayable on demand if they are in practice available within 24 hours are in practice available within 24 hours

without penalty. without penalty. ; ;

Cash equivalents are short term, highly Cash equivalents are short term, highly

liquid investments that are readily liquid investments that are readily

converted to known amounts of cash with converted to known amounts of cash with

insignificant risk of change in value. insignificant risk of change in value.

Investment property is initially measured Investment property is initially measured at cost. Subsequent valuations will be at at cost. Subsequent valuations will be at fair value and carried out at least every fair value and carried out at least every three years. three y years.

Vehicles and equipment Vehicleshicl andd equipment:

Equipment, including computers and Equipment, including computers and software, costing less than £10,000 per software, costing less than £10,000 per individual item or group of related items, individual item or group of related items, is written off in the year of acquisition. All is written off in the year of acquisition. All

other equipment is capitalised at cost. other equipment; ;is capitalisedoy: at cost. oy: ; , Capitalised equipment is stated at cost Capitalised equipment is stated at cost

and is de and is. depreciated preciated over its useful ; over ,its useful . economic life as follows: economic life as follows:

Provisions Provisions

, 4. Provisions are recognised in the financial Provisions are recognised in the. financial statements when the University has a statements when the University has a . present legal or constructive obligation as present legal or constructive_. obligation as a result of a past event, it is probable that a result of a past event, it is probable that ; Paar a transfer of economic benefit will be a transfer of economic benefit will be

80 80

required to settle the obligation, and a required to settle the obligation, anda reliable estimate can be made of the reliable estimate can be made of the amount of the obligation. amount of the obligation. Taxation Taxation

The The University is an exempt charity within University is an exempt charity within the meaning of the Charities and Trustee the meaning of the Charities and Trustee Investment (Scotland) Act 2005 and as Investment (Scotland) Act 2005 and as such is a charity within the meaning of such is a charity within the meaning of section 506 (1) of the Income and section 506 (1) of the Income and Corporation Taxes (ICTA) Act 1988. The Corporation Taxes (ICTA) Act 1988, The University is recogni University is recognised sed as a charity by as a charity by HM Revenue & Customs and is recorded HM Revenue & Customs and is recorded on the index of charities maintained by on the index of charities maintained by the Office of the Scottish Charity the Office of the Scottish Charity Regulator. It is therefore a charity within Regulator. It is therefore a charity within the meaning of Para 1 of schedule 6 to the meaning of Para 1 of schedule 6 to the Finance Act 2010 and accordingly, the the Finance Act 2010 and accordingly, the University is potentially exempt from University is potentially exempt from taxation in respect of income or capital taxation in respect of income or capital gains received within categories covered gains received within categories covered by section 505 of the ICTA 1988 or by section 505 of the ICTA 1988 or sections 478 to 488 of the Corporation sections 478 to 488 of the Corporation Tax Tax Act 2010 or section 256 of the Act 2010 or section 256 of the Taxation Taxation of Chargeable Gai of Chargeable Gains ns Act 1992, to Act 1992, to the extent that such income or gains are the extent that such income or gains are applied to exclusively charitable purposes. applied to exclusively charitable purposes.

The The University receives no similar University receives no similar exemption in respect of Value Added Tax exemption in respect of Value Added Tax (VAT). Irrecoverable VAT on inputs is (VAT). Irrecaverable VAT on inputs is included in the costs of such inputs. Any included in the costs of such inputs. Any

irrecoverable VAT allocated to tangible irrecoverable VAT allocated to tangible fixed assets is included in their cost. fixed assets is included in their cost.

The The University’s subsidiaries are liable to University’s subsidiaries are liable to Corporation Tax in the same way as any Corporation Tax in the same way as any other commercial organisation. other commercial organisation.

Reserves Reserves

Reserves are classified as restricted or Reserves are classified as restricted or

unrestricted. Restricted endowment unrestricted. Restricted endowment

reserves include balances which, through reserves include balances which, through

endowment to the University, are held as endowment to the University, are held as

permanently restricted funds which the permanently restricted funds which the

University must hold in perpetuity. University must hold in perpetuity.

Other restricted reserves include balances Other restricted reserves include balances

where the donor has designated a specific where the donor has designated a specific

purpose and therefore the University is purpose and therefore the University is restricted in the use of these funds. restricted in the use of these funds.

Estimation techniques Estimation techniques

The The preparation of the financial preparation of the financial statements requires management to statements requires management to make estimations that affect the financial make estimations that affect the financial statements during the reporting period. statements during the reporting period. Actual results could differ from those Actual results could differ from those estimates. Estimates are principally used estimates. Estimates are principally used when accounting for defin when accounting for defined ed benefit benefit pension schemes and the carrying value pension schemes and the carrying value and depreciation of tangible fixed assets. and depreciation of tangible fixed assets. Details of the estimates used are set out Details of the estimates used are set out in the relevant accounting policy and in the relevant accounting policy and financial financial statement note. statement note.

81 81

50,114
4,086
295
5,261
50,114
~~4,086~~
~~295~~
5,261		 50,114
4,086
295
5,261
50,114
~~4,086~~
~~295~~
5,261		 55,102
4,010
337
7,379
55,102
~~4,010~~
~~3337~~
7,379		 55,102
4,010
337
7,379
55,102
~~4,010~~
~~337~~
7,379
―――――― ―――――― ―――――― ――――――
59,756
59,756		 59,756
59,756		 66,828
66,828		 66,828
66,828
══════ ══════ ══════ ══════
18,809
18,809		 18,809
18,809		 18,618
18,618		 18,618
18,618
3,966
3,966		 3,966
3,966		 4,568
4,568		 4,568
4,568
42,554
42,554		 33,234
33,234		 45,647
45,647		 36,453
36,453
1,516
~~1,516~~		 -
~~=~~		 2,291
~~2,291~~		 -
~~=~~
―――――― ―――――― ―――――― ――――――
66,845
66,845		 56,009
56,009		 71,124
71,124		 59,639
59,639
══════ ══════ ══════ ══════
1,747
1,747		 1,747
1,747		 1,758
1,758		 1,758
1,758
1,451
1,451		 988
988		 1,322
1,322		 1,077
1,077
1,644
1,644		 1,644
1,644		 1,469
1,469		 1,469
1,469
1,063
1,063		 1,063
1,063		 927
927		 927
927
―――――― ―――――― ―――――― ――――――
5,905
5,905		 5,442
5,442		 5,476
5,476		 5,231
5,231
══════ ══════ ══════ ══════
13,555
13,555		 13,555
13,555		 13,871
13,871		 13,871
13,871
1,030
1,030		 1,030
1,030		 -
=		 -
=
8,797
8,797		 7,586
7,586		 5,928
5,928		 4,
858
4,858
―――――― ―――――― ―――――― ――――――
23,382
23,382		 22,171
22,171		 19,799
19,799		 18,
729
18,729
══════ ══════ ══════ ══════
9
9		 9
9		 8
8		 8
8
9
9		 9
9		 4,506
4,506		 4,506
4,506
2,837
2,837		 2,789
2,789		 3,162
3,162		 3,119
3,119
―――――― ―――――― ―――――― ――――――
2,85
5
2,855		 2,8
07
2,807		 7,676
7,676		 7,633
7,633
══════ ══════ ══════ ══════
48
6
486		 -
-		 808
808		 -
-
3
5
35		 4,560
4,560		 45
45		 6,025
6,025
―――――― ―――――― ―――――― ――――――
521
521		 4,560
4,560		 853
853		 6,025
6,025
══════ ══════ ══════ ══════
79,464
8,914
16,028
~~79,464~~
8,914
16,028		 75,357
8,512
15,284
~~75,357~~
8,512
15,284		 82,586
8,513
15,710
~~82,586~~
8,513
15,710		 77,800
8,101
14,898
~~77,800~~
8,101
14,898
―――――― ―――――― ―――――― ――――――
104,406
104,406		 99,153
99,153		 106,809
106,809		 100,799
100,799
══════ ══════ ══════ ══════
59,904
59,904		 59,904
59,904		 59,782
59,782		 59,782
59,782
14,909
14,909		 14,909
14,909		 15,380
15,380		 15,380
15,380
16,530
16,530		 16,530
16,530		 16,845
16,845		 16,845
16,845
911
~~911~~		 911
~~911~~		 921
~~921~~		 921
~~921~~
5,996
5,996		 5,996
5,996		 5,997
5,997		 5,997
5,997
2,317
2,317		 2,317
2,317		 2,
332
2,332		 2,
332
2,332
5,253
~~5,253}~~		 -
~~=~~		 6,010
~~6,010~~		 -
~~=~~
(1,414)
~~(1,414)~~		 (1,414)
~~(1,414)~~		 (458)
~~(458)~~		 (458)
~~(458)~~
―――――― ―――――― ―――――― ――――――
104,406
104,406		 99,153
99,153		 106,809
106,809		 100,799
100,799
══════ ══════ ══════ ══════
2025
2025		 2024
2024
£000
£000		 £000
£000
107
107		 237
237
23
23		 50
50
―――――― ――――――
130
130		 287
287
══════ ══════
158
158		 -
36
36		 -
=
―――――― ――――――
――――――
194
194		 -
=
══════ ══════
══════

==> picture [166 x 102] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |――――――|――――――| |1|1,577|,577|1|1,653|,65|3| |══════|══════| |£000|£000|£000|£000| |-|-| |-|-| |══════|══════|

----- End of picture text -----

══════ ══════

==> picture [225 x 137] intentionally omitted <==

----- Start of picture text -----
|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |――――――|――――――|――――――|――――――| |161|161,048|,048|152|152,455|,45|5|166|166,661|,661|157|157,884|,884| |══════|══════|══════|══════| |148|148|131|131|176|176|152| |-|=|-|=|85|85|81| |119|119|119|119|119|119|119| |7|7,185|,185|7|7,185|,185|8|8,005|,005|8|8,005|,| |25|25|25|25|22|22|22| |――――――|――――――|――――――|――――――| |7|7,477|,477|7|7,460|,460|8|8,407|,407|8|8,379|,379| |══════|══════|══════|══════|

----- End of picture text -----

21
220
4
21
220
4		 21
220
4
21
220
4		 21
221
-
21
221
=		 21
221
-
21
221
=
―――――― ―――――― ―――――― ――――――
245
245		 245
245		 242
242		 242
242
══════ ══════ ══════ ══════
280
280		 166
166		 72
72		 (48)
(48)
══════ ══════ ══════ ══════
552
57
(552)
-
~~552~~
~~57~~
~~(552)~~
~~-~~		 161,279
3,635
552
-
~~161,279~~
~~3,635~~
~~552~~
~~=~~		 23,60
6
2,33
5
-
(1,954)
~~23,606~~
~~2,335~~
~~-~~
~~(1,954)~~		 185,43
7
6,02
7
-
(1,954)
~~185,437~~
~~6,027~~
~~-~~
~~(1,954)~~
―――――― ―――――― ―――――― ――――――
57
57		 165,466
165,466		 23,987
23,987		 189,510
189,510
══════ ══════ ══════ ══════
-
-		 56,65
4
56,654		 16,31
2
16,312		 72,96
6
72,966
-
=		 4,581
4,581		 2,53
0
2,530		 7,11
1
7,111
-
~~-~~		 -
~~=~~		 (1,954)
~~(1,954)~~		 (1,954)
~~(1,954)~~
―――――― ―――――― ―――――― ――――――
-
-		 61,23
5
61,235		 16,88
8
16,888		 78,123
78,123
══════ ══════ ══════ ══════
57
57		 104,23
1
104,231		 7,
099
7,099		 111,387
111,387
―――――― ―――――― ―――――― ――――――
552
Boy		 104,62
5
104,625		 7,29
4
7,294		 112,47
1
112,471
══════ ══════
══════		 ══════
══════		 ══════
══════
552
552		 161,279
161,279		 23,412
23,412		 185,243
185,243
57
~~57~~		 3,635
~~3,635~~		 2,301
~~2,301~~		 5,993
~~5,993~~
(552)
~~(552)~~		 552
~~552~~		 -
~~-~~		 -
~~-~~
-
~~-~~		 -
~~=~~		 (1,954)
~~(1,954)~~		 (1,954)
~~(1,954)~~
―――――― ―――――― ―――――― ――――――
57
57		 165,466
165,466		 23,759
23,759		 189,282
189,282
══════ ══════ ══════ ══════
-
-
-
~~=~~
~~=~~
~~-~~		 56,65
4
4,581
-
~~56,654~~
~~4,581~~
~~=~~		 16,1
80
2,51
2
(1,954)
~~16,180~~
~~2,512~~
~~(1,954)~~		 72,834
7,09
3
(1,954)
~~72,834~~
~~7,093~~
~~(1,954)~~
―――――― ―――――― ―――――― ――――――
-
=		 61,23
5
61,235		 16,738
16,738		 77,97
3
77,973
══════ ══════ ══════ ══════
57
57		 104,23
1
104,231		 7,021
7,021		 111,30
9
111,309
══════ ══════ ══════ ══════
552
Boy		 104,62
5
104,625		 7,23
2
7,232		 112,409
112,409
══════ ══════
══════		 ══════
══════		 ══════
══════
(124)
(124)		 (124)
(124)		 -
=		 -
-
―――――― ―――――― ―――――― ――――――
1,071
~~1,071~~		 1,071
~~1,071~~
══════ ══════ ══════ ══════
2,152
~~2,152~~		 812
~~812~~		 2,011
~~2,011~~		 768
~~768~~
573
~~573~~		 45
~~45~~		 562
~~562~~		 77
~~77~~
(420)
~~(420)~~		 (50)
~~(50)~~		 (554)
~~(554)~~		 (62)
~~(62)~~
80
80		 21
21		 133
133		 29
29
―――――― ―――――― ―――――― ――――――
2,385
2,385		 828
828		 2,152
2,152		 812
812
══════ ══════
══════		 ══════
══════		 ══════
══════
42
42		 42
42		 44
44		 44
44
══════ ══════
══════		 ══════
══════		 ══════
══════
7,023
7,023		 4,365
4,365		 6,611
6,611		 3,628
3,628
5,880
5,880		 5,407
5,407		 5,056
5,056		 4,952
4,952
2,727
2,727		 2,55
3
2,553		 2,125
2,125		 1,437
1,437
1,632
1,632		 1,632
1,632		 1,177
1,177		 1,177
1,177
―――――― ―――――― ―――――― ――――――
17,262
17,262		 13,95
7
13,957		 14,969
14,969		 11,194
11,194
══════ ══════ ══════ ══════
5,879
5,879		 5,879
5,879		 11,751
11,751		 11,751
11,751
―――――― ―――――― ―――――― ――――――
5,879
5,879		 5,879
5,879		 11,751
11,751		 11,751
11,751
══════ ══════
══════		 ══════
══════		 ══════
══════
35,342
3,847
298
276
-
35,342
~~3,847~~
298
276
-		 33,704
3,847
298
276
2,921
33,704
~~3,847~~
298
276
2,921		 33,614
1,955
-
267
-
33,614
~~1,955~~
=
267
-		 32,284
1,955
-
267
2,272
32,284
~~1,955~~
=
267
2,272
―――――― ―――――― ―――――― ――――――
49,032
49,032		 49,949
49,949		 45,210
45,210		 45,895
45,895
══════ ══════
══════		 ══════
══════		 ══════
══════

year
774
774		 774
774		 -
-		 -
-
-
-		 -
-		 267
267		 267
267
―――――― ―――――― ―――――― ――――――
774
774		 774
774		 267
267		 267
267
══════ ══════
══════		 ══════
══════		 ══════
══════
At 1 August
2024
Income from investments
Earlyretirementpensions
At 1 August2024
Income from investments
~~Early retirement pensions~~		 £000
9,454
17
(973)
£000
9,454
17
~~(973)~~		 £000
-
-
-
£000
=
=
~~=~~		 £000
9,454
17
(973)
£000
9,454
17
~~(973)~~
Transfer to income and expenditure account
Transfer to income and expenditure account		 46
46		 -
-		 46
46
―――――― ―――――― ――――――
At 31 July 202
5
At 31 July 2025		 8,544
8,544		 -
-		 8,544
8,544
══════ ══════
══════		 ══════

£ £15,710,000) 15,710,000 )

2025
£000
10,013
6,015
2025
£000
10,013
6,015		 2024
£000
9,452
6,258
2024
£000
9,452
6,258
―――――― ――――――
16,028
16,028		 15,710
15,710
══════ ══════
Discountrate 3.7%
Discount rate
Discount rate		 3.7
%
3.7%
Pension increases
Pension increases		 2.0%
2.0%
Longterm salary growth
Long term salarygrowth		 3.8
%
3.8%
Actuarial value of assets
Actuarial value ofassets		 £2
4.1
bn
£24.1bn
Proportion of members’ accrued benefits covered bythe actuarial value of the assets
Proportionofmembers’accruedbenefitscoveredbytheactuarialvalueoftheassets		 89.6
%
89.6%

5.2% 5.2%

―――――― ―――――― ――――――

==> picture [161 x 26] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |――――――|――――――|――――――| |121|121,717|,717|90|90,780|,780|88,574|88,574| |══════|══════|══════|

----- End of picture text -----

316,091
194,374)
316,091
(194,374)		 304,667
(213,887)
304,667
(213,887)
―――――― ――――――
121,717
121,717		 90,780
90,780
―――――― ――――――
121,717)
~~(121,717)~~		 (90,780)
~~(90,780)~~
―――――― ――――――
-
-		 -
-
══════ ══════
Analysis of the amount charged to staff costs (note 8) within the Consolidated Statement of Comprehensive Income and
Statement ofComprehensive Income and
(5,976)
~~(5,976)~~		 (6,258)
~~(6,258)~~
(39)
(39)		 -
5
―――――― ――――――
(6,015)
(6,015)		 (6,258)
(6,258)
══════ ══════
15,269
(10,724)
(4,536)
15,269
~~(10,724)~~
(4,536)		 14,338
(9,832)
-
14,338
~~(9,832)~~
5
―――――― ――――――
9
9		 4,506
4,506
══════ ══════
213,887
213,887		 193,537
193,537
5,976
5,976		 6,258
6,258
2,306
2,306		 2,319
2,319
39
39		 -
-
(6,825)
(6,825)		 (7,055)
(7,055)
10,724
10,724		 9,832
9,832
(2,025)
~~(2,025)~~		 20,621
~~20,621~~
(30,302)
~~(30,302)~~		 (7,933)
~~(7,933)~~
594
594		 (3,692)
(3,692)
―――――― ――――――
194,374
194,374		 213,887
213,887
══════ ══════
―――――― ―――――― ――――――
316,091
316,091		 304,667
304,667
══════ ══════ ══════
rehensive Income and Expenditure
Income and Expenditure
(5,707)
~~(5,707)~~		 9,112
~~9,112~~
30,302
~~30,302~~		 7,933
~~7,933~~
(594)
~~(594)~~		 3,692
~~3,692~~
2,025
2,025		 (23,955)
(23,955)
―――――― ―――――― ――――――
26,026
26,026		 (3,218)
(3,218)
―――――― ―――――― ――――――
(375)
(375)		 (5,424)
(5,424)
══════ ══════ ══════
825
(8)
~~825~~
(8)		 773
(11)
~~773~~
(11)
―――――― ――――――
817
817		 762
762
36
36		 52
52
9
9		 8
8
(3)
(3)		 (5)
(5)
――――――
42
――――――
42		 ――――――
55
――――――
55
859
859		 817
817
══════ ══════
861
~~861~~		 825
~~825~~
(2)
(2)		 (8)
(8)
―――――― ――――――
859
859		 817
817
══════ ══════
1,729
1,729		 1,448
1,448
―――――― ――――――
486
486		 808
808
45
45		 69
69
29
29		 -
5
32
32		 31
31
(
384
)
~~(384)~~		 (627)
~~(627)~~
―――――― ――――――
208
208		 281
281
―――――― ――――――
1,937
1,937		 1,729
1,729
══════ ══════

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|||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |――――――|――――――|――――――|――――――|――――――| |523|523|81|81|85|85|689|689|635| |(|(523)|523)|(|(81)|81)|(|(85)|85)|(|(689)|689)|(|(635)|635)| |――――――|――――――|――――――|――――――|――――――| |-|-|-|-|-|-|-|-|-| |══════|══════|══════|══════|══════|

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n/a
n/a		 n/a
n/a		 Line of credit for CIP
Line of credit for CIP		 -
-		 -
-
n/a
n/a		 n/a
n/a		 Lease right
-
of
-
use asset liability
Lease right-of-use asset liability		 -
=		 -
-
n/a
n/a		 n/a
n/a		 Pre
-
implementation right
-
of
-
use leases
Pre-implementation right-of-
use leases		 -
_		 -
S
n/a
n/a		 n/a
n/a		 Post
-
implementation right
-
of
-
use leases
Post-impl
tation
right-of-
ost-implementa ion rig
use leases		 -
-		 -
=
n/a
n/a		 n/a
n/a		 Annuities with donor restrictions
Annuities with donor restrictions		 -
-		 -
-
92
92		 Restricted expendable
capital at 31 July
Restricted expendable
capital at 31 July		 Term endowments with donor
restrictions
Term endowments withdonor
restrictions		 -
-		 -
-
n/a
n/a		 n/a
n/a		 Life income funds with donor
restrictions
Lifeincomefundswithdonor
a.
restrictions		 -
-		 -
-
92
92		 Restricted permanent
capital at 31 July
Restricted permanent
.
P
capital at 31 July		 Net assets with donor
restrictions: restricted in
perpetuity
Netassetswithdonor
restrictions: restricted in
.
perpetuity		 (859)
(859)		 (817)
(817)
Total
Total		 34,984
34,984		 36,431
36,431
Total expenses and losses
Total expenses and losses
71
,
87
,
92
,
71, —
87,
92,		 Total expenses. less
pension adjustments, less
endowment and restricted
expenses
— Total expenses. less
pension adjustments, less —
.
endowment and restricted
expenses		 Total expenses without donor
restrictions
— Total expenses without donor
a
restrictions		 161,074
161,074		 167,593
167,593
71
,
87
,
92
,
71,
87,
92,		 See lines below
.
See linesbelow		 Non
-
operating and net
investment loss
Non-operating
and net
.
pane
investment loss		 (35)
(35)		 (673)
(673)
71
,
92
71,
92		 Gain / loss on investments,
less restrictedgain/loss
Gain / losson investments,
.
less restricted gain / loss		 Net investment losses
.
Netinvestmentlosses		 (11)
(11)		 27
27
71
,
87
,
90
1
7
87,
390		 Actuarial gain / loss, plus
unfunded pension
provision transfer, plus
pension interest and staff
cost adjustment
Actuarial gain / loss, plus
f
i
un undedpension
provisiontransfer,plus
ension interestand staff
costadjustment		 Pension
-
related changes other
than net periodic costs
.
Pension-relatedchangesother
thannet periodiccosts
P		 46
46		 646
646
Total
Total		 161,074
161,074		 167,593
167,593
Equity Ratio
Equity Ratio
Modified net assets
Modified net assets
73
73		 Unrestricted reserves
Unrestricted reserves		 Net assets without donor
restrictions
Net
ts
without
d
. asse 5 wimnour
conor
restrictions		 134,840
134,840		 137,452
137,452
73
73		 Restricted reserves
Restricted reserves		 Net assets with donor
restrictions
Netassetswithdonor
restrictions		 2,796
2,796		 2,546
2,546
n/a
n/a		 n/a
n/a		 Intangible assets
Intangible assets		 -
-		 -
-
n/a
n/a		 n/a
n/a		 Secured and unsecured related
partyreceivables
Securedand unsecured related
.
party receivables		 -
-		 -
-
n/a
n/a		 n/a
n/a		 Unsecured related party
receivables
U
d
related
part
nsecure
related party
receivables		 -
-		 -
-
Total
Total		 137,636
137,636		 139,998
139,998
Modified assets
Modified assets
73
73		 Non
-
current assets +
current assets
Non-currentassets +
current assets		 Total assets
Total assets		 195,986
195,986		 194,929
194,929

95 95

n/a
n/a		 n/a
n/a		 Lease right
-
of
-
use asset pre
-
implementation
Lease right-of-use asset pre-
~~implementation~~		 -
-		 -
-
n/a
n/a		 n/a
n/a		 Pre
-
implementation right
-
of
-
use leases
~~implementation~~
Pre-implementation right-of-
use leases		 -
-		 -
-
n/a
n/a		 n/a
n/a		 Intangible assets
Intangible assets		 -
=		 -
=
n/a
n/a		 n/a
n/a		 Secured and unsecured related
partyreceivable
Secured and unsecured related
party receivable		 -
-		 -
-
n/a
n/a		 n/a
n/a		 Unsecured related party
receivables
Unsecured related party
receivables		 -
-		 -
-
Total
Total		 195,986
195,986		 194,929
194,929
Net Income Ratio
Net Income Ratio
72
72		 Total comprehensive
income,unrestricted
Total comprehensive
income, unrestricted		 Change in net assets without
donor restrictions
Change in netassetswithout
donor restrictions		 (2,612)
(2,612)
‘		 (589)
(589)
71
,
92
,
71,
92,		 Total income, plus gain /
loss on disposal of non
-
current assets, less
restricted and endowment
income
Total income, plus gain /
loss on disposal of non-
current assets, less
restricted and endowment
income		 Total revenues and gains
without donor restrictions
Total revenues and gains
withoutdonor restrictions		 158,707
158,707		 166,403
166,403

96 96

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