ch￿ Numbor. SCfJ29163
UNIVERSITIES SCOTLAND
FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 July 2021

Contents
Page
Rèwt of Ihe Membars
Report of Ihe independent auditors to the K•*mber5
Ststement of fina￿181 a¢ti¥ities
12
Balance sheet
13
Nol8s to the lIn￿l81 ststements
14
Universiti8s SI￿￿nd. statsments for the year ended 31 Juty 2021

Roport of the members for the year ended 31 July 2021
The members present thelr report and th& financial ststements for Universlttes ScoUarKI for th8 year
ended 31 July 2021. unive￿118$ ScoUaThJ is a registered Chwity Ino SC0291631 based in Edinburgh.
The chgrity represents the colledNe interests of all Scotbsh higher educa￿1n inst1￿￿onS to the Scottish
Govemment. the Scottlsh Padiament. the Scotbsh Furthw and Higher Ed{Kat￿ FurKling CourKil (also
knovm as the Scottish Funding Counc¥l or SFCI 8nd a wider netswyk of stakeholders. While acting
autoncmousty in matters relating to devolvBd pdicy. Univwsilies Scotland also foms part of Ihe UK-wide
reweserrtolive bc#Jy Unlvgrslties UK Iragistered tharity number 1001127 and registered company
number 2517018).
The Members of Universities ScotlaThJ (Inthes of the chority> appoinled for y￿r from l August
2020 10 31 Juty 2021 ￿re as follows..
?rinop4. UnNersty of Aberdeen
.'rinup4. UnNerslty of Abertay thjndee
.,rin￿Pa1. UnNerslty of thJndee
nup4. UnNwBity of Chjndee
1rfn￿p￿. UnNetslty of Edinburgh
'rindpd. Edlnburgh Napier Universty
>rincip4. un￿sIty of Gloso
)rindpd. H8rlot-Watt Unlvorsity
inc4pd. Glasgcw Caledonwn Unfverrity
JITeCtcY. Gla89￿ Sclw)ol ofArt
Jli￿1p#l. Queen Margarèt Universny Edinbur¥)
)rbrtlpal. The Robwl Gordon Unfvernity
.>rtrKlpal. The Robwl Unfversity
Jrtnclpal. The Royal Conservatoire of Scotland
. rinclpal. Untvwsty of St Andrnw5
' rmcipal and Chief Executi¥e, ISRUC) Scotlarrfl's Rural Colhge
'.?rlnclpal. Unrue￿ty of Stirflng
r)rfr￿￿pa1, University of Stratrdyde
pry￿Apab. UnNersity of the West of s￿tland
l)rwKipal, UniVe￿ty of the HvJhlands and Islands
l>rirKipal, univer￿ of the Hvdhlands and1s18nds
I)ir￿tor. The Open Universty in Scotland
No Member of Un￿erS[tI9S Scouand had a lY￿fi￿al interesl in any conlvact with the charity. Members
8re the Ifice£hartdlrys, DlreGtCY5 or Pri￿PaI5 of the member inslitt￿.
UnNersiUes Scol18TrJ.. Financ¥al slatemwts f(Y Ihe year ended 31 J￿Y 2021

Report of th• m•nkn ftK th• y•ar •ndqd 31 Juty 2021 . ¢onllnu•d
Convener
[￿M 01 Ayst 2020
Vlce Convenèr
frcrfn 01 Awst 2020
Dirèetor
Prlnclpol offlc•
Hotyrood Park
106 Holyrood Road
Edinburgh
EH8 8AS
8•nk•rn
National We8trninstsr 8ank
PO Box 83
Tavl$lo¢k Ho￿•
T￿Stock Squar?
Lmdon
WC1 H 9XA
Sollcltorn
Anderson Strathwn
1 Rulland Court
EdinbLryh
EH3 8EY
Audltorn
HaysrnacSnMg LLP
10 Queen Street Pla
London
EC4R 1AG
2 Untversibes So)￿8￿1. Financial slalements year *Kl*J 31 July 2021

STRUCTURE. GOVERNANCE AND IAANAGEMEP
Universities Scotland L8 a membership body made up of the Pn"nupals and VIGe4hanc8llors of Scottish
unlversities ONJ the F¥*￿Ipal5 or Llrectors of sm811 speoalist hther education instrbjlions in Scotsand.
Membership is volunlwy, but 811 18 Scollish hNJher ethKation ir￿llUtiOns, Ihe Open Unlverslty in
Scoland. are current mernb￿.
work of Universitses S&)tsnd is gukled by meetings of Members. vthich are held five Ilmes eath
year. MpAnbers delegate resportsilwlity to a number of slanthng eommlttees. In 20￿￿21 these woro..
L6aming and Teaching Committee
Research arKI Knowledge Exthange Commiitee
Secretaries, Group
Furnjing Pdlcy GTQUP
rtém8tK)nal Commttlee
AdM&￿OnS Group
group Vovrks to 8 deffimd 8gonda Vlithin Its temis of refeTerK* and rwrts ￿ progress lo meelngs
of MemberyJ. Other sll) groups and *Athlng pfjrties 8et up 8s requred.
M••tlng$ of M•mb•v• of unlv•rsft1￿ Scotland
The meetkng of Members is the dedslonamakiThJ bo(ty. Th• èxecJJtlYe h88ds ol all 19 educotlon
in81Stulons In recolpt of main grant Ihe Scottish Funding Cc1￿￿1 we thg Mèmbers. The Chief
Exe¢ulive ot Unlvgrsitkrys UK and the ConNww d the Scotland Socrot•rns' Group may al80
attend meetings of Members.
The Convenef and conV￿r are erected by 8rkJ from the Members Sn o b811ol to serve for a tsmi of
vo academlc yoars and are eligible for for ono fwther temi of ¢)ffi¢e at tha and of that period.
Thè Convener, Vice Convener and the ThrectLY of Unfvorsltles Sg)ttand fom the Ex8CUtfve Commlttee
for th8 tharlty. The Executive Committo8 develop for the fvll MeM￿rShIP 8nd cory out executtve
acbon on behalf of the memb8Tship bets￿n mgetlng¥. At exh m•etkng a report Is prewby of tha
acbvltles of the Ex¢cutNe group to the Members￿P.
M•mb•r4hlp lub￿rtPOtsnl
All Mernbers renew their subsui)tion8 annually for the year from 1 August. Unfversitss S¢ollorKI
Commrttee decides annualty whelh¢r to vary the ¥ubsGriptlon rate ￿1c￿ bs by a fixod porc￿1898
awlied to each member.
N•w m•mb•r Inductlon
UnNèrsrties Scolland is in regularconleclwilh al membern 8ThJ gl¥*s F4rl*ulw g11enu￿ to the integretlon
of new members and to providing these members vlth appropriate advTce and guldance on specffic
re¥ponsibilities. In most Cases n8w member5 of unNerSiti￿ Scoyand are 8180 naw members of
UnNersities UK. and benofrt frryn the Ind￿tion arrangements of Unr¥ersrbe5 UK.
Manag•mont •nd Stallh
The employees of Universltl83 ScotlarKI we b88ed kn Edinburgh, in leased prgmises at Fk)tyrood Pavk
House.
The Oirector ha5 respon%bility for Flaming 8TrJ ¢Y&N￿or￿ Ihe ser￿S and strategies ft>r Universities
Scotsnd within clear Fdioes ond wotrths set by the 8owd. He enswes that the team of 15 staff
members provldes the skills arKI exp*1ise ngcessary to run o su￿esSIUI r*ofess￿n81 membership
organisation. Staff are involved in a wide range ofactiviiw lo Proff￿8 rr*mbern' inlefesls In¢￿dIng policy
r8s&qrch 8nd development, k)bbwng of pc4icym8kers. medkg V•Y)rk, faciliMk)n of dialogue and sharing of
best wadce within ts sector Fnmotion of Scottish insuttths lespeckqlty for Sn Intemalion81
audience) 88 8ttr8ckn pla￿$ io St￿ aThJ to do rn8earth.
Universii*s ScolwKI: Fmrwl slatfjm￿ts fDr the year ended 31 Juty 2021 3

Report ol th• m•mb•rs for th• y•w •nd•d 31 July 2021- contlw•d
Member inwt and support lo the of Unwsities Sa￿and 15 ￿ a ￿1￿$Mur￿910d basis.
The pay and r9Mw￿0ti￿ (rf key m*wment (the Dlrector} Is s81 ty thg Unlverslties UK
Rgmuneralion Commltte8, t>)mwses univer￿110$ UK members th8tred by the Tfe8surer and
includ8s an independent memt•r. The pay remunwation levels for all ottrw staff grades ts ￿gO￿at￿j
wlth ihe recognised union. PTospec( as of thè recognition agr8om8nL
Rl•k managgmwrt
Tho Exg¢utiv8 Committ89 of UniNwsibes SLYJtland (Convw. Vt4£mner Threck*) rnwews the
organisats'on's exposure to business. Op*Trt￿al and ffinanC￿ risks. Key processes oiclude the planning
and budgetin9 Systems, whlch Invc4ve thaft strategic and operational plan5 and draft budgets being
consldered InI1181ty by th6 Executivè Committee to Iheir being submitted for approval to a meeting
of Members. Thesè t¢)dies alxj perfmance ag81nsl the plan arKI bL*et. A business c(￿ti￿ty
plan has been formulal8d dealiryj vlth an em8rg8ncy. FinarKaal ¢4)ntrd is se￿red through the
adminiitration of Univ8rsiti88 Scolbnd's finances by Unp4¢r6itig$ UK. Further details are gNen below in
the Flnandal Review under P￿r￿[pOl rlsks and uncethnties. The M8mbgrs are salisf*d that risks to tha
organis8lion have been adeq￿ty reviemwd a￿1 addro$88d.
R•8trlct•d fund•
Inlemallonal actrwb•$
The Scotlsh Fundlng Council conlinues to pmvide rlry-f0nG￿ fuTrJing to UnwsitS9s Scolland for tho
purF*)se of supwtlng the s¢Gtor in its inlemational 8mbi¢iw to a compeljlve and attractive
8tu(ty dest6n8tion In Ihe gkJbo1 hMJl*r e(knation market.
Scottish Govemment h88 0XtoThj￿ Its grantfundkng lora furthar crt*e•r, swports the Conn•thd
So)U8nd partnership and those prol8cts and events ddivered as p8rt of il fow3ed on Creallng fvrther
rwortunlO08 thor•th oddirvJ v8lug lo the Intem￿lon￿ AspTrb'on5 of Ihe S￿#th8h sth.
PubllG b•n•fit
Tha Mombors. confiffn that Ihey haw ￿n￿ed wilh th• Chaithes and Trujtee Invo8ts))ent IScodarKI) Act
2005 and provKl• public benefft throu9h the charity'8 actMti88.
Unfversltles Scctland's woth In of the hyher ¢d￿alK)n 8ethr li fnt and forttn￿l dad1¢4t￿ to
the charitabl8 purpose of the advar￿men1 of educ8b"on. Through the $LPPOrt and 8dvooow we provide
lo the Scottish UrnVe￿Il¢S also Gonlrfbule to ih*rfiJffilment ol Iheirwider charitoblg pwposes Includlng
th8 advancement of health; the advartemenl of arts. h8ri¢age, cutture or science., the promollon of
equality and diversity.. and advancement of 8nvlrwmentsl protectK)n or improvement. Univ¢rsilieg
Scotland's work is onlyety cormiitted lo ￿ ddNery of public benefrt Ihmugh its Support for tho hKJher
educgtion sectorfs contrit>ut1￿ to welthry. Memtw¥ derive M indthdual prfvalè benèfit from
u￿Ver￿lIeS So)Iland.
4 un￿rsit￿ ScolaThJ: FinarKo1 statements fix the year 31 Juty 2¢r21

UNIVERSITIES SCOTLAND ACHIEVEME1￿ 2￿21
202LL21 Vds another extra¢)rdinary yearfor Un￿er51t1￿ Scolland. ck)minaled by C£￿tinUed management
ofthe Covid emergency posilKir4ng ur￿Ver5￿3 as a forre that Mll drive p0sl-pgnd9m￿ recovery.
Key a¢hievemen18 over the year ineludè..
E￿￿ring that univeNties could operata a$ far as was cowstent with the SCo￿h Govemmenf¥
very ￿ul10￿$ apwoath to managefnenl of CoM"d risks.. this required o)nthnued intenslve
engagement to infom su￿￿Ve ikrations of Scoth"sh Govemment guldarKe to inslltut￿n$.
Intensfve medio relation8 work to Tepre¥ent tho so¢￿$ intarests during controv8r8y aboLrt the
Impact of the pand￿1¢ on studBnt vKllare.
A Swttish Bl￿et oulcome representing 8 £123.2m111.4%) i￿1888• In Scothsh Govemment
funding IDr hpjher education.
Influence on mar￿feSt0$ beftye Ihe Scotli8h parN8ment e*tM)ns. leadirvJ to olectlon of a Scottlsh
Govemment 8 spectft monrfesto cc*nmilmwl lo sustahable funding for hvJher edLKation.
Post-elect￿)n building of rd8thNps wilh new Ministets and opp)sitK)n hvjhgr elknalion
spokespw)plo.
Further prc*3ress In V4idening ￿cesS to higher ¢du￿1]Qn. through putAication of a joint rep￿ wlth
Coleges Scolland on to devekp leamers. Pathw￿ from colege to unNer8ity. and
creallon ol a joint unfversityl colbge grtyJp to drNe thls foTrv8rd.
A new c*npa*an, 'Skills+'. lo promotè the ways In wlich unlversilies dev•knp gr8thJates
l￿de rarrfJe of skn'lls and attrbbules fN $l￿cess in the future 8¢Crf￿rnY.
A strong Scottish front in the UUK'Gotting Rwth, onpavw. P￿thnIng ScotLgnd'8 unl¥¢rnit
as kty drlvers of poStyndeM￿ recovery.
Profound inllu8nce on th8 S￿rt￿h Fundlng Councll's rfjv￿ of hyher education, l•ading to
publication of a report that Str￿ty affwrff6 unl￿￿{19•, o)nffibulknn to th& recovery and
challenges g(Nemment to SUPF4Yt th8L
FIMANCIAL REVIEW
R•vl•w of posltSon at th• •nd of th• yo•r
Th& $1otemenl of flnanci81 adiwties for the year IB sat (Art on page 12 and th• bal&nc8 8heet on page 13
of the financial ststoménts.
Inc￿8 8fKI expeTh11ture for Ihg year and FY)SitiM al thg yow summ￿Sed below.
Unrnslrfcknj Restricted
Total
2021
É'ooo
Total
2020
Inc￿¢
Exp8ndilurB
Net movement in fur
Funds brought fcTha
Funds carriod forward
1,025
1.174
1, 154
167
(181
105
87
(44}
(62}
427
365
31
278
427
Unlversltw Scotland reF<Jrts a delklt on ￿restricted a(alvlUes of£44,(KIO. Tr¥$ is ￿f￿lty because of
provlsbn made for estimated dilapidath￿8 Gosts ass¢￿ated with the end of US'5 lease on its ¢urr&nl
premi888 In July 2022. This is a planrnd draw ￿ re¥wves, the ddapiOgtiM$ provi￿￿ wll be split
over 202(￿21 and 2021-22.
Prlnclpl fundlng source
Membership subscriptions aThJ a ￿1 frL¥n UrM4wsiiies UK out of Its T￿b$criptionS pmwd•s mosl193%}
of the unrestri¢18d irthme. The balance comes mainty from I￿￿nce fe9$ for occupying spare desk space
8niJ other minor rwmbursed expenditure. Income is used ryinc4P81ty lo support tharil8tAe activities.
Univefsities Scotland does not fundr8¢se frwn thé and is therefore noi registered with the
Fundraising Regulator.
Univgrsitw ScoUarKI: FiiwKig5 statam8nts the year ended 31 Juty 2021

R•port of th• m•mb•rn for th• y•w •nd•d 31 Juty 2021- contlnu•d
Slgnlflcanl •v•nts affedlng fln•ncl•l p•rformance and pwltlon
Thore were Tr) signifKant events aff￿ting Fwformance or Frf)Stb￿ in the yew.
Flx•d M8•ts
The changes lo tangille ftxod assets dufhvJ ts year are i) Th)te 7 to the finan(x81 ststern￿ts.
Inv￿¢M•Tr¢ pollcy
Universities Scoll8nd tAan8 slrat&3icalty over a three-yeer time hyizon and bu&Jets annually to expend
substsntlalty all anticip8ted unrestrl￿ed income. SW lo relalnlry a txudent amount In r868rves. 11 has
pern￿nant erKI0￿n￿l provkJes for capltol expendolure frcffi unresthctéd r8serv8s.
Unbversities Sc¥Aland has no InVest￿ts. Its funds are *Jministered on its behaN by Unimirsitios UK.
Prln¢lpal rl•k• and unc•rtalntl••
Th& Mom￿r5 keep under re￿eW the stral8gt ar#Y t)p•rnth)nal risk8 facing the oryaM8tion tQ9ethor wllh
the programme5 and vA)ith help manage those risks
A¥ a membw5h* LYganSsalkn, Unlb*rsllfie8 ScoU*vJ'• winc1￿ nsk is I￿li￿j to rospond adequaldy to
dovelopm8nt8 in hvJher oducatK)n p￿¢Y and funding or to its m8mtsr8' needs. which would risk damage
to ils reputation 8nd influence and a possiblo loss of members and subscripbon revenu8. Horizon
SC8nning and m8mber feedback m8chani$ms are in K4ace to mininise mib"98te this risk and other
extemal flnanclal and opernlonal rlsks uncwtainti89.
A risk rgs¥stsr 18 maintslned of all signjficant riyJ($. i￿luding 9gnwal ¢)Fwalwl and finandal rlsks as
well as the principal rtsk idenliffied above. Thgse ore regulorfy re￿8¥￿1 ￿ updalod. Sultable ￿sk
m61igo1&)n slr8tegies are in place and are adaptad acC￿ding lo chwwing needs.
R•••rv•s pollcy
The Iruslees have reviti*Yd Ihe requirements for free reserves lunrèstricteA1 la8s any 8mounts
de*gnated or Othe￿1¥e commtttedl in the light of the princap81 $tr8tegic and oper8t¥ig risk8 to the
organls8tlon. a5 OUtlln8d above. The policy to makntsin 4 mod0$1 re¥erve ¥uffici?nl to cover oxpendlture
and to en$uffj orgonwts'onal resI1￿nce is still COr￿lder8d &pproprl8t8. Since ¢rf th8 org8nisatlon'
income is derived. direcuy or indirecuy. from M￿nbershIP sUts¢rpti￿$. the Membws do not consider It
aFpropriote lo c8ry reseryes teyond a level regard￿j os a prudgnt minimum.
P•rfornMnc• ag•ln•t Unlv•rnhlw UK'S group rn•èm• polky
2021
2020
T¢Jt81 unrostricled reserves
Committed to fLxed assets
Free rese￿$
Totsl unreslri¢ted expen¢Jiture
Months of unrestricted expendtture in free reseNes
Morrth8 (tsrgetl
277,891
125.9041
251.987
1,069,300
2A
4.0-&0
322, 140
(48,597J
273,543
I.￿3,273
3.3
4.0-&0
ring the finatKial ye¥ Uriv&¥bos ScoUand'$ wr9strkte(i T￿pIeS feR Inclus*)n of 8
dil8pid8tions provi8ion.
6 UiwversitM Scolland.. FinwKial ststements tho year end￿1 31 July 21r21

PLANS FOR THE FUTURE
Str•t•glG Plan 2021.24
At the tlme of vnibng, Univérsitss Scou￿d is flnalisirKJ a new Stratsgic Plan. an itensive
thalcgue wrfh members and stsff. Thi5 expected to refrgsh Univer5bties ScotlarKI's eommitments to
campalgning for Fmghquality hh3h8r educatiorb. p￿tiOn1)g higher educalon as a key (triver of recov8ry
and transformabon. 8rnJ a kader for knvand. It is 8Iso exp8clèd to Identify 8reas fcf thanged
pract￿ in how stsff and mwnbors and ￿ rolat1￿Mp bet1￿7 the kadershlp rokn ol members
and staff.
Within 202142. q)eration81 will fc#X8 on Campa1￿ th8t $￿pOrt unlvwsStlg5 to make thelr frjl
soclal, economic 8n¢J cJKural contrfjbution lo posI*￿arn￿ rKovery.
Unrversitiès Scotland is dso wrnnty ￿3￿1n9 foran acc4JmmTrJoticn MO￿ ty Juty 2022. to support ngw
ways of vh)rkiffj 8nd reloa8e re8oLYCW rrinveslmenl Sn stralry￿ wl¢yill¢8.
Universibes ScottwKI.. Finer￿￿ Statern￿ the year 8ThJed 31 Juty 2021 7

R•port of the memb•rs forth• yow •nd•d 31 July 2021 * Contlnu
MEM8ER8' RESPONSIBILMES IN RELATION TO THE Accoupifs
The Membors are resp￿￿ble for pyeparino tsAnnual Reixxl andthe finanry81 5￿t￿nents In aLxordanc8
ith applicabla law regulations.
Law applk*bl8 to Chafilies in Scouand wilres the Members k• prepare &tJ)urts for each fmndal
perlod whth give a tru8 ofKI faif view of the stste of affalrs of thè ￿ganiSation and of the excts5 of
expertitur6 over income for the p￿. In Ihose aG¢ounts. gonwally accapt&l accountlng
praCt￿e requires that the Membets..
• seFect $vllBble acco￿l￿g aThJ Ihen 8ppPy them (ynistenty.
• observg the meth(wJs and tKinciples in the Chor￿e3 SORP..
ake judgements 8nd estimates that are re050noble and p￿denl
stale vknether ￿lCable aGcwnting Stsr¥ja￿S have been follch%*d. 8ubJ"e£tto ￿ M91er￿ dep8rtur88
disch)sed and explained in Ihe finoncl81 statements,. and
epare the finandal StsteM￿ on lh8 golng ¢>)n¢am b4$1$ ￿lesS it 18 inpprcprf8te to presum8 that
the oryanisation will conb'nue its ￿tI¥ll18$.
Thg Member8 are r¢Spon￿tIe for kw*ig wopw al￿1n￿ records. vA)k* dBclose with reasonable
accuracy 8t any lime the fina￿la1 p)slllon of the Or9￿158￿0n and enablg them lo ensure that thè
financial slalemgnts compty with the ch￿1186 and Trustee Invè5tmanl IScoUand} Act 2CO5 and tha
Charities Attounts Iscollandl Regulab'ons 2006. Tlw are also resp¢)nsible for safeguardiw the assèts
of the 0rganls8l1￿ aThJ hence for tskirKJ rgasonablo slops ts the prevwtion and deteciion fraud and
oth¢r irregu18ri11es.
Audft¢r
Haysm8cintyre LLP hos Sndlcal&J Ils ￿ningle$S to conlnue As •udlior. %*)Ject to re-8PP)Inknenl at the
next UnlveT51118s UK annual general meetirB.
AprKo4*d by the Mgmbors aThJ s￿ne0 on beh81101 the Mombws ￿ 28 (ktob9r 2021.
mber 8ThJ C¢)nvener
Oir8Gtor
8 Universilies Scollarwj: Fnancial ststements fcf the year ended 31 July 2021

Independent auditorfs report to the Members of Unlversities
Scotland
Oplnion
We have audited the fin8nu81 stalements of lh8 UnNersllles se￿nd f¢Y the year *￿ed 31 2021
comprise Ststement of Financial A&i¥ibes. the Balanee Sheet, Ststement of Cash Flows and notss
to the financi81 stslements. indudiNJ a summay ofslgnfftanl accounting pol￿185. The finewal reporting
fr8m8work that has been appl￿d in their preparnti￿ is 8pplicable law 9nd Unf(ed ￿ngdoM Accwnung
Stsnd8rds. inclL#Jing Financial ReFKJrting Stand8rd 102 The Finon¢lal Reportir& Standwd aw4Kal)18 in
the UK8TrI Republic oflrnland Iunlbj lQnk*Jom Gerwally Accwiling PFactsek
In our opirion, the financlal ststements:
give 8 and falr of stste of the chwlt8b￿ ccryany's affairs a8 al 31 July 2021 and
of the charrtable company's Ml movement in (unds fcf Ihtr year then ended:
have been pmpoty prep¥ed in atcoftlaui Uniled lQngdom Gener8lty Accepted AcLx)unti
Practice,. and
have been prepared in ac<y)rdance the rtyuirements of the Choriti9$ Act 2011 and the
Ch8ri1ies •nd Trustse InN*stmenl {ScolJ8nd) Acl 2005 and re9￿allOn 8 ofth8 Charith?s Atxounts
(Scotl8TrJ) Regulalkns 2(M)6.
Ba•1• for oplnlon
Wo have been appointed as 4uditty under section 144 of Ih? chori1￿$ Act 2011, and secllon 4q1 Xc) of
the Charities and Trustee Investsnenl (Scolland) Act 2fy)5 8ryJ report in awdartt %￿h the Acls and
relevant regul8lKJns made or havlrvj effect thgrgunder. W8 ￿n￿l￿ted our audit In accordance wlth
Inlernallonal Standards on Audlllro IUK) IISAS {UK)l and appliCa￿e law. Ow responslbllities und8r thos8
standard8 are further de8crthd in tho Audrtorfs rgsponsibilitss for the audit of the financial statements
$ectK?n ol our report. We are independent of the gmup in acc￿dance wlth the 8th1￿1 requirements ihal
are rèlévant lo our audit of the financi81 statements in the UK. InGludHw Ihe FRC'8 Ethicol StandaT(1, ond
V•* have fulfilled our olhorethic41 reS￿bIll￿e$ In aco)nJan¢e wth these requlrgmgnts. We bgliove that
Ihe audlt evldence V•Y ¢)btsined is Su￿lent and apwwlate to wovMJ• a basis for OLY O￿n￿)n.
Conclu•km• rnl•tlng to golThJ conc•rn
In audltlng Ihe fironci•l tstements, V•* hm cond￿jed Ihal th• tnAt888' ofthe going conl￿ b••i•
of •¢wunling in the prepar8bon of Ihe fin8n¢i81 statements 1$ appropriate.
8ased on the *YJrk we have perfomied. h84w not Idont6fi8d any mater181 urKert8inlias relatirKJ to evenl8
or cOn￿rt￿n8 that, Ind￿]du81Y or collectNety, may cast signrfKant doubt on tharrt#ble company's
ablllty to conliiue as a g￿n9 concam for a period ol at kna5t trM>1￿ month8 from vthen the fingnGi81
statements are authorised for issue.
Our rgswnslbilttles and ts responslbllllos of Ihè trust888 *4th respgct kn gcirwj cortem are d88crfjbèd In
the rebvanl secoons of this rew)rt.
Oth•r Inforniatlon
The trustees arè responsble for ihg olher infom￿l*)n. The ollK*r infom)elion compdges the Infomatlon
included in Iho Trustees, Rowt. Our ownion on the ffinandal siatements d*$ not cover the other
infom)8tion aThJ. exeepl to extent olfthvise eXpI￿ldY stated in our report. ￿ do not 8xrKes$ any fomi
of assurance C￿l￿10n thereon.
Uni¥¢￿tIeS Scoland: Finanoal siatements fi)r the year 31 July 2021 9

Independent auditorfs report on the financial ststements for the year
ended 31 July 2021
In (x)nnection with cyjr audlt of the financial statements. ow responsfblllty is to read the other nfomiatk)n
8nd. in dolng so. ￿nSider whether tt19 infOrMa￿n 1$ mal8ri81ty In￿nSistenI ￿th the finonckql
ststements or cur knovle<hJe obtsi*d in the a￿￿11 or oPP8ors to be malerialfy misstated. If we
id8nb.fy such malerlal irthnslstenues or app￿lt materlal mlsstatements, we are fequired to dètem)Ine
vknether there is a material mtsstalement in thè financial ststemwts or a mat￿1*1 mis5L*ement of the
other infmtK>n. 11. b8sed on the work we have ptrforned, con¢kn that Ihere is a material
mlsstatement of this other informalion. ￿ are reqtllred to rek*yt that faGL We have nothing to rewi in
th15 regard.
M•ttorn on Twhlch ar• r•qulr•d to r•port by •xc•Mlon
We have nothing to re￿t in reSp￿t ofthe fdlov*ing rnatte￿ in relaoon to vthlch th8 CharlU8s (Accounts
and Reports) Regulations 2008 and the Charities Accwnts {SCoU￿d) Regulations 2006 require us to
rerort to yw rf. in ¢xx opin1￿.
loquate aCc￿ntIng rec(￿d8 h•N¢ not been kept by th• p8rent dlwlty. or retumB adffjuate lor
r audrt have not been receive(l frcrfn branthes not Visited ty us:
suffluent and Fyoper 8co)unling Tecrwds have not W kept or
the p8renl c*arlty fin8ndal ststthnents 8rn not in Sgrethn￿l wlth the o¢counting rgwrds and
rotsJms', or
wè have not recelved all ￿ wrfornia￿n WKI eWan8b'rrfK% requtre for our 8uthI.
R••poMlbllltl•• of try•l•w for th• fln•n¢l•l •tknn•nts
A8 explained moro fully in ￿ I￿￿te83. mpon•ibilitiN •tat￿n￿nI set oul on p8g8 8. the tru$tee¥ are
reSpon￿ble forthe prep8r81￿ of the financial ststements and for being Sgb'sfied that they gwe 8 true and
falr vithv, and for such Internal control 89 Ihe trustees delerThlne Is necessary to enabsg the preparauon
of flngnclol slatgmenls thel are free trcffi mater181 mls8t8lement, du8 lo fraud or error.
In weparing tho finardal statements, the trustees are resp￿9￿￿ for assegshlg the group's and the
parent charlty'8 abSlKy lo corrtinue •s 4 goin9 eoncem, d19cb￿nQ. JB 8ppli￿bI?, mgttgrj rei8ted to going
concem 8rKI using the going concem basis of srcountirvJ u￿sS the trustees eitsr inlend lo liquldats thg
group or th¢ p•rgnl tharity or to cease operotions. ￿ hove no realistic ollemalive but to do so.
Audltof* r•spoMlbllltl•s for th• audlt of th• IlnwKl•l •t•t•m
l)Jr c4'ectives are lo obtain reason8trAe assurarKe wth6ther the fin8nci81 statements as o WW?
are free from Materi￿ mi5Statement. whether due to fraud or error. to is¥u? an guditorfs report that
Includes our oplnlon. Reasonabl8 assurarts is a high 18vel of assuranc8, bul is a guaranloe that an
8udlt Cel￿UC18d In 8tLord8n¢e with ISAS (UK) will detect 8 mgterial misstslemenl ¥then it exists.
Misslalemenls con arise from fr8u(l or error and are consdered material if, individuany or In th8
aggregate, W coukl reasonably be expecled to infil￿￿ the e(xx)omk deci8k)ns of u88r8 tsken on the
basis of these finonciai $tstem￿ts.
Irregularities, including fraud. are instances of rK￿-CIjnpl￿ance with laws and regulatlons. We deslgn
ocedures in hne with our respon&bilities. ¢Jullinéd st￿￿. to delecl materAI misstsl8mants in respect of
irregularities. including fraud. The extwrt tr> which our procedures arg ￿pable of delecting irregularilies,
induthng fraud is dets￿e￿ b8knY.
Bosed on undwslan¢Jing of the d￿rItable ￿)MpanY and the en￿rOnment in it operates, we
identified thal the wnapal ri5k5 of rKJn-c4xnpliance WTth1th5 and wulalion5 rplated to H￿Jher Education
Govemance {Scotl8ndl Act 2016 and Cc￿ld￿ed the extent to vkdch non-complLqnL* mlght h8ve
materi81 effect on Ihe finarKial statements. We also cons¥Jer8d those LM and regulatKJns that have 8
dkecl impact cfi the preparation of the finanaal statements sl￿ as the Charrtres SORP 2015 and the
Charities Acg)unts IScollaTrJ} Regulatic￿ 2006. ar¥J consKler other fadors suth 05 5al8s tax.
10 Univwsilw s￿tjOnd'. Fin￿￿la1 sts1eM￿ts for the year 31 Juty 2021

Independent auditorfs r•port to the Members of Universitles
Scotland
We evalu*ed man4amenY$ incentr￿ opwtunitw for fraKlulent Manpu￿￿n of the financhil
stst8ments linduding the risk ofov8rride of controls). and determ￿ed thatthe risks there related
to posting in*p￿0priats ioumal entries to inojne and managemerrt Iy0s in accounting 89￿MateS and
judaements. Audit wctedures perfofmed by the LYvJwent tsam h￿Uded.
IrtspedThJ correspond8nce 7Afjlh regulatots 8r•J tax auihovllles.,
tliscussvJns wilh man898menl Indu(l￿g ¢￿Sid￿aliC￿ of krthvn ¢x SuSp￿d instances of non-
¢￿p110nce th L8vts and regulallcffl and fraud..
Evaluating managThrf8 ¢ontrol& deswJn&J to wf4ent detect irregularitM.'
Id8ntlfylllg and testing joumols. in parti￿lar IM)al entries posted ¥%ilh ￿￿8U81 account
binations. posllngs by urnJsuo1 users or wth unusual d8SCript￿)ns,. a￿1
Chall8ngirKJ assumptii)ns and lthlgements made by mawmént In thetr critKd 8a￿untIng
esllmatés
A fvJrlh8r de8crtptlon of our rospowbllbbg8 tor ts au(It of th• finandal statements Is I¢￿￿ted on the
F*wIc￿l Reporting C[￿nG11,* web•it• •t'.
. This d8scnptity) fomB part
of our rwrL
of our r•port
Thbs report is mwJe solgty to the charftsble ccYnp8nls rn￿bers, 88 8 boty. In Chapter
3 of Part 16 of Ihe Comp9nies *£12006. secllon 4411 X¢) ol the Charities 8nd Truslg8 Investment
IScotl8nd) Acl 2005 and regula1ion 10 of the Chantles Acc4JJnl$ (Scouandl Regulalions 2006. Our audit
vrk has been undertaken so thal w8 might stat6 lo the ch8ritable ccffnpanys members those m8tters
we Ore required lo stste lo them in on Audilorfs report and for no other purpose. To the fullest extent
pemitted by law, we do not accept or assiffm reswslbAIty lo anyone other than the thorlt8b16 company
and the ch8ritsbb company's members 85 a Imxly. for our audlt work. for thls report. or for the oF4'n￿)fi5
* have formed.
Haysmoc4ntyre LLP
Statutory Auditor
Dale". 18 Noveth 2021
10 Queen StrMt Hace
EC4R 1AG
Haysma(antyre LLP is eligib￿ io act 88 wditcr in tsmis of Sedion 1212 ofthe thmp8ni8s knt 2006.
Universltles scotla￿1. Financlal stateM￿ts for th8 yaar arKled 31 July 2021 11

Statement of Financial Activities for the year ended 31 July 2021
Totsj
2021
Tol81
2020
Funds
Funds
Incom• and ￿P•ndItUr•
Incomo from:
Incom• from charllabl• actlvltl••
. Subscriptions ir￿lItU110
. Grant incomo
6X),817
318.831
59,800
88,975
690.617
407,806
630.817
441.873
Ral•lng funds
Tol
75,403
1,025.OS1
75.403
1,173,826
81,223
1. 153,913
148.775
Exp•ndlMr• on:
Charlthbl• actlvltl
. Actlvrtles for m&nbors
1.014.554
1e6,840 1,181,394
1.064.351
R•l•lng fw
Totsl
54.746
1.069.300
¥746
166.840 1236,140
59,058
1. 123,409
N•t moYAm•nt In fund•
{44249)
118.065)
3Q.504
Total lurvjs ￿ght fop•vard at 1
August
Total funds carrbed foThwd ot 31
Juty
10
426 823
l items ShCh￿ above relata tr> ¢onlinuing acllvitses.
Th•ro are rbQ betrA*en the amounts shtr•m abM and ts hlst¢yic cost eqU￿1￿nts.
The Mte$ ¢)n poggs 14 10 21 fomi part of th08e fingnc¥al statements.
12 UniveNbes Scolland: Pinanual statements f￿ th8 year grKknJ 31 J￿Y 2021

Balance sheet as at 31 July 2021
2020
FIXED ASSErs
Intsngible fixed Issets
T8ngble fixed assets
3.830
44,767
48,597
25,904
25,904
CURRENT ASSETS
Debtors
488.106
413.097
CURRENT LIABIUTIES
Creditors: amounts fallirKJ wthln on8 y
(34.871)
NEf CURREpif A3SErs
338.OOS
378.226
TOTAL NET ASSErs
426.823
FVMDS
Restrctsd furbd5
Unrestrbcled fund8
88,618
277091
364,509
104,683
322, 140
428.823
10
Th8 notes fan p8g68 1410 21 Icrfm pwt of these fin8n(aal Statem￿ts.
The flnanclal stalemgnts on pages 12 to 21 were apFrfo%*d by the mernb8￿ aryl authori$8d for issue on
28 O¢tobw 2021.
Spaned on thelr behalf by..
Unpmsibes ScoUar¥J: Finandd slatements forthe year ended 31 Juty 2021 13

Notes to tha financial statements 31 July 2021
Sl•t•m•llt of ac¢ounllNJ polldes
Basis of pr•pararfon
Und8r the temis of the Agreement estab&shing the organisation Iformany subscribed by memb8r
institutions In 19941951 financial statements must be Fryared in accordanco with ihe Chariti8s A(xounts
(ScoU8ndl Regulations 2006 aTrJ the Chariti￿ SORP 2015. Th& charity is w1nw￿led and me* the
definltlon of a publie benefft entity urKler FRS 102.
The folluwlw accounting polloes hav6 t*en aw11￿ ¢ons• in deofing with items vthith ara
considered matsrial to the fInar￿4a1 statevngnts.
Crftle•l accountlngludg•m•nts and •sllm•tes
In preporirvj these financkql statements, manag8m8nl h83 mad6 Ilbjgém￿t8. Oslwngles and
assumptions that affect Ihe applutN)n of the ch8rttth' &etyJrting poI￿leS and Ihg rgPQrted assets,
abilitiés, income and o￿nditUre and the disdosures m* in Ihe ffin￿al statements. Estimates
aNI judgements are ¢))ntinug1ty evaluated and are based historic eXpWien￿ and other f8Ctors.
udlng exp¢Gtslicrnoflutwe evenls ttwl we bdleved to be reg8onable underthe drcum8tarms.
Pr•p•r•don ol th• a¢￿￿nts on • qolng conc•m ba*1$
The Members con8pJerlhat Ihere are no materlal uncertaint*s aboutthe eh8rity'$ abiltyto Continue
as a golng concem. The Memtws have considered the imp8d ofthe Covtd-19 pandemic. reV￿d
financi81 FM)si1Son, reserves levels and fulure plgns and has gfven the Membgrs confidence that
the charity remains a 90ing concem Into Ihe fubJre.
Irthme from grants contr8Ct8 (Ind￿￿￿9 go%wnm•nl grants) 1$ r¢¢Ogni￿1 ¥*tsn there
18 evldence of entltlement. f￿1p1 18 yobèble and its amount can te megsured reliably.
Subscriptlons #re recowd over the to relato.
Oihef IrKome is rwnised ¢)n an accruals basi5.
Exp•ndltur•
All expendllure 1$ 8¢¢ount•d ts on 8n basls and has been da8slfied under headlngs that
aggregate 811 ¢o$ts rdgling to th81 catggyy. Whoro costs connot bg dlrectly attrlbuled to
particuL4r headlng. they have been alloc8ted lo activrfies cm a basis consislenl wlh tho of the
Vdu• Add•d Tax
Irrecovernbfe Valuè Athj￿ Tax is chorged to the slatement of financLql athrtlgs as K18 kncurred.
Flxed •wls
Individual assets with a co81 in exc•s• of 92,5￿ are c8pital*ed. L8 appllad lo ￿te-
off tangible fixed assets on a str8ight-Ilne th8SiS as fdlows:
Fumliure 8nd equipment
Offic& technoh)gy linckKllng W￿1* dèvokpmtht)
Leasehdd improvéménts
Cfver 4 yoors
Over 3 yews
Over the lrfe of the lea88
The tharlty onty has ffinandal assets and liatslilies of 8 ￿nd that qualfy as basic finonTh81
inslwmenls. Basc finarKial instnjments are initk?Ily rewgrmsed al transxtlon value and
subsequentty measured at their seluement valu8. tiabilities arg rwnised on an accruals basis.
C•sh Ilow $t•t•m•n¢
Universities Scouand 1$ not Teqwed to weparn a cash I1￿¥ slatsment as Lknes not hold cash or
h8ve a bank 8CCOWIt.
Un￿￿81t188 Scotland: F#la￿l81 ststements fc* ts year ended 31 J￿Y 2021 14

Creditorn and￿￿￿*10￿$
Creditors and provi510ns are recogimsed bthere the charrty had o present oulgallon resulting from
past event that ￿11 tKobabty result in the tr8nsfer of fvnds to a third party ￿ the amount due to
seltte Ihe obligatKJn can be measured or eslimated reliabty. Crgditors and rrrisions are n¢)nnalty
recognlsed at the￿ Set￿eM•* amount after allo*ryng for any trade discounts due.
Rental costs under operalrvj leases are cherged to tho $tstam•nt of financial actmtss In equal
{￿ts over th¢ pwlod ol tho leas8
Employ•• b•n•frt¥
Staff are employed by Unlversltss UK ￿)Sts rvdwged to Univer8iUes ScollaThJ. l)et811 of
nsion pthemes gnd ￿p￿Ye0 t*nefits are avall*>l8 In Ihe finwKial ststements of Unlver811108
UK
Subscrfpdons from In•lltutloM
SUbsc￿pt10ns are for the yegr from 1 August lo 31 Juty. renthv*J annvamy, and are on Instiiution$
lo contributè to Iha nJnnlrrfJ costs of Uni￿rE4t10$ ScottarvJ using a formuLq prescribed In the Agreement.
Un￿ersIt￿$ Seodand Main Committee docides 8nnuaty wthelhar to vary the subscription rnto %•thlch 18
varfed by a fixgd percentsge 8pplled to exh member. 2020-21 a restricted subscrlpllon was
raised l¢y*Mrds the S¢>)d8nd Is Now intwnatlonal cwnF*n. See note 10.
ar•rt In¢om•
Fwds
2021
Funds
Funds
2020
UnlverslO•s UK
S¢x4bsh Funding Councir
Scotlsh Gmmm•nt'
HMRC.
318.380
318,360
47,900
41,075
471
325,206
325,206
74000
41.667
47.WJ)
41.075
75,000
41,687
471
325 206 116 667
441 783
' furKls Toc*ivthJ from govemment or goverrwnanl agwths.
R•l*lng fund•
Cclnpriges income under li¢once agre8ments fLY use of 8urplu6 desk sp￿. and reimbursed costs.
Total •xp•rKlltur•
t￿¢￿ Supptyt
osl$
Tol81
2020
RaI￿n9 fund8
47.748
4746
054
59,058
Charft•bh a￿1vIti
Activltles for membe
. Scoy8ThJ
- trrt¢malM)nal
Totol th8ritst4e
704,886 309.86B 1.014554
160,682
6.158
166.840
865,
315.826 1,181.394
666 258.549 944,215
113.867
6,269
120. 136
799.S33
264,818 1.064.351
T¢Aal •xp•ndlturn
913,316
322.824 1236.140
852.587
270,822 1.123.409
UniveTwb8s Scouand: Fknancial statements for tho year wxded 31 Juty 2021 15

Notes to th• fln•nclal •l•l•m•nl• Iconlinu•d)
Total •xpwditw• {contlnu•d)
SuPp￿t ¢o#t all¢x*i(
Total
2021
Ral•lng funds
4.581
1,175
Charltabl• acovhl
Scoll8nd
Internati¢￿al
Tot•1 Support costs
200,586
28.695
27.388
S3.019
30#,￿8
Total
202Q
R•l8lng fvnds
3,525
I,IT8
Ch•thable •etlvlV••
Sco118nd
Inlemafvonal
Tot•1 •upport costs
149, 130
30.9
2q495
51,971
258,549
270 822
2021
2020
Extemal *￿it
Other professlonal fees
Staff and other costs
3,744
12,000
16,055
31.655
16,227
29,331
Total expendrture also iidudes the foLhThing op8rnting ￿e ￿￿1￿1￿.
Land arbd ￿lId1￿8
OffirA equlpment
123.340
3.687
131.042
3,831
16 Unfversllies &*lland: FinarKial stateM￿ts fty the Y￿ end8d 31 2021

P4oto8 to the finwKl•l stat•mnts Imnllnued)
Flx•d
kntanglbles: Ta￿￿bkn..
W*ites
Lease Ewipmenl
FurThluTg
Total
Al 1 August 2020
Addibons
Written off
Al 31 JUty2￿1
31.448
1￿.075
43.935
5.280
{20.382)
28,833
42,575
278,033
5,280
{20.382)
262.931
31.448
1￿.075
42.575
D•pr•GlaUon
At 1 August 2020
Chwge for the year
Written off
At 31 July 2￿21
27,818
121,912
19,081
37.331
42.575
229.436
27.973
(20,3821
237.027
120,362)
22,011
31.448
140.993
42,575
N•t book ￿lu•
At 31 July 2021
At 31 Juty 2020
19.082
38,163
25,904
48.597
3.830
D•btor•
2021
2020
Receivab￿ from Un￿*1¥11188 U
Propaym￿ts a￿u&$ IrKom
419,179
88,927
486,11XI
379. 108
33,989
413,097
he arno￿t r8¢eNab￿ from UnNersitles UK roprosents thg cash held by UrawslUe¥ UK on behallof
Unfversltl¢s ScoJarAI.
Cr•dftor¥: amounts falllThJ du• wlthln on• y••r
2021
2020
Trade credltors
Accruals and defeffed in¢¢Mne
22,299
12,572
34,871
109,905
149,501
IIKI￿￿ed ￿thin acmls 8nd defefred ig a £75.1￿ dlapNJatKX)s provlik￿.
18 UnNersilies S(x)liarKf.. Finaroal 5tatsments frK the ￿ ended 31 J￿Y 2021

Twstee and •mploy•e Infonn
Trnstee Infomjalion
No r¢muner8¢k)n (Y expenses were paid to InJstse8 dwlng tha yw (2020.. none).
Employee costs were as f01hy￿.
2021
2020
Sglaries irK4uding beneffts In kjnd
Sodal securlty C*)sts
Pen8lon ¢ontributions
578.4B6
59,922
150,888
789.296
559.029
58,591
137,201
754,821
Avèrsge slaff num￿15 anatysed by categijry V•pre:
2021
2020
Olr8¢t ¢haritsbkn actmty
14.0
2.0
16.0
13.0
15.0
The numbèr ofemploy¢¢s omoluments fty the year fell %%lthln the folhJv*lng band In eXC￿S of
£60.OIXI was..
2020
£60,001- £70,000
£90,001- £100,(th)
Th8 total emther penskm CL¥thbullons for the hlgher pald Staff above is £32.99412020. £32.5771.
The totsl employee benefft¥ oflhe Chlel Execu¥ve wtho18 to be key m8n8gement personnel
(In addttbn to Irustses) was..
2021
2020
s￿ary including benefits in ￿nd
s￿al 8ecudty costs
Pension conlrt*ulic419
93,563
10.425
19.570
123.SS8
92.869
10.390
19,323
122,582
UrM¥ersties Scy)IFand: FinarKxal 51atern￿ts fLY the year 8nd&J 31 July 2021 17

10. Movement in fvnds
At 1 AugL*I
rrKoming ResLK
21Y20 Resour￿ Expend￿1
beN¥een Ai 31 July
fvnds
2021
Unr•strkt¢d fvnd•
General rwer¥e
322.140
1.025.051
(1,069,3iJ))
277￿91
R••trlcl•d fund•
Intemational actimlies
Scottlsh Funthng Courdl
Scot118h Govemmont
Scolland Now
1(Kl.143
47.900
41.076
59,8(M)
148.775
1,173.826
{61.4251
145,815)
1%,8001
{186,840)
(1236,140)
86,818
104,683
426.823
86.618
364.509
Totsl fund•
Transl8t3
b8twe•n Al 31 July
fuTrts
2020
Al 7 Augwt
IneonNng
2019 Ras¢xxc8s E¥pendod
Unrnstrkt•d fvnds
Goneral r8seThe
284187
1.037.248
(1,003,273)
322. 140
Internatffjn81 actlwt
Scottlsh Funthng Coundl
Scothsh Governmenl
94.585
13,587
108, 152
396.319
r69.422)
(50. T14)
(120, 136)
(1, 123,409)
100, 143
4,540
104,t883
426,823
41.667
116.667
1. 153,913
Total ffunds
R••trlctsd fund•
Scoth$h Fundlng Coun￿1
FundSng to support thg ¥￿tOr In improving Its posibon in thè global hi91￿r e(knation m8rkel aThJ
identfying OPPCrtunrties to improvo s¢￿￿nd's ¢￿tr￿Ul￿ lo arKI rmpact on wrtemational hfv3h8r
education more g8nfjralty.
Scottish Govgmmenl
Funding for a post whth $UFwrts Ihe Cwnected Scolland parthership aThJ those projects delivgred as
part ol il I￿se￿ on addirKJ valug lo the intwnatlonal a￿1[3110n5 of the Scoth'sh sector.
Scotland Is Now
Jolnt sector funding that sUFF￿S ts1￿ ￿ld-for S￿la1 media wnp8ign In o set offows
countries to support the recrurtment of Inlemational students, lo Ir￿Se the sectorfs positioniro and
awa￿￿eSs. and to extend its fc¢us on beir•J ￿lCoMe and OFen.
UnNersiti85 ScoUarKI: Financlal ststements for the yetr ended 31 July 2021 19

Not•8 to th• flnanclal stat•m•nls (¢onUnu•d)
11. All(￿￿10n of net ass•ts bot¥rnw funds
2021
Totsl
fvnds
Fixed assets
Current assets
Currenl lialmlilies
25,g¥)4
25.904
107,199
380,9)7
48B,106
(20.5811 (128.920) 1149,501)
86.618
277.891
364,509
2020
Total
funds
fvnds
Flxed 8ssets
Cu￿0n1 assets
Cuffent lithlits88
48,597
294,467
(20.924J
3r2. 140
44597
413.097
(34.87t)
426.823
118.630
{13,947J
104.6
12. Op•rntlng l•u• ¢offlmlim•nt•
Universlties 8¢oY8nd hod ts fotkn•ing future minim￿￿ lèase p8y7n4￿ts mjer non48r￿lIable
operafjng leases eath of Iho perKth:
Total
2021
2020
Land and bu￿1r￿..
. Wlthln one year
. Bets￿en one and fvo years
116.227
126.258
116,227
Officè ewipment..
Wlhin one year
. Belvmn one 8nd fve ye8rs
3.039
1,118
3,094
4, 105
120.382
249.734
13. R•tlrnm•nt b•n•fft•
Staff are 8mployad by UniveNties UK ar*J ts)sts rechargad lo Universities Scotland. Universities UK
participates in fvdo pensw schemes.. the Universities Superannu8tion Scheme IUSS). and lh8
Superannuation Arrangements of the University of Lond(￿ (SAUL}. Furtherdetails of thes8 schemes are
avallable In the finar￿al stst￿ents of UIivw81￿ UK.
20 unl￿118S Scotland: FirAnc481 statements the year eThled 31 July 2021

121"