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← Universities UK

2025-07-31-accounts

Annual report r and consolidated financial statements f Year ended 31 July 2025

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

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ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

Contents

3

Trustees’ report

26

Independent auditor’s report to the members of Universities UK

31

Balance sheets

32

Consolidated cash flow statement

33

29

Consolidated statement of financial activities

30

Charity statement of financial activities

Notes to the financial statements

59

Legal and administrative information

Registered Charity in England and Wales No:1001127

Registered Charity in Scotland No: SC052497 Registered Company No: 2517018

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

Trustees’ report

The trustees present their report and the financial statements for Universities UK for the year ended 31 July 2025.

Name and membership

The name of the charity and company is Universities UK. Universities UK is the representative organisation for the UK’s universities. Its members are the executive heads of UK university institutions who have met the criteria for membership agreed by the Board of the company. It currently has 141 members. Membership is voluntary and members are represented both at the UK level and in the devolved nations through Universities Scotland and Universities Wales.

The objectives of Universities UK as set out in its Articles of Association are:

Mission and main activities

At Universities UK, we harness the power of the UK’s universities and create the conditions for them to thrive. We are the collective voice of 141 universities, bringing them together to pursue a common cause: Thriving universities, serving society.

This mission forms the core of our strategic plan which runs to 2030 and sets out our ambitions for the sector. We will use our unique role to ensure our universities can transform the lives of more individuals, drive greater growth and create flourishing places through the knowledge and skills they generate, and be globally competitive centres of research making ground-breaking discoveries. We will help them achieve more by securing sustainable funding and building pride in our universities.

Public benefit

All of Universities UK’s activities are ultimately carried out for the wider public benefit of creating and maintaining a world-class higher education sector that benefits students, the UK economy, the UK’s educational and research standing in the world and the wider social good. Collectively, the institutions led by the members of Universities UK demonstrate their wide social and economic contribution through the delivery of research, teaching, expertise and training. Higher education is available to all with the ability to benefit, regardless of their economic circumstances. The benefits of this activity to the UK are considerable.

The trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s guidance on public benefit. In delivery of its services and activities, Universities UK has fully supported its members, and assisted them to achieve their public benefit goals.

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

Trustees

The Board are directors of the company and trustees of the charity, elected or appointed from among its members. Those appointed for the year to 31 July 2025 were as follows:

The following were also members of the UK Board on the date this report was approved:

From 1 January 2025 to 31 July 2025, Sir Paul Grice took the role of interim Vice-Convenor for Universities Scotland pending elections and attended Board meetings in that capacity.

No member of the UK Board had a beneficial interest in any contract with the company. Board members are elected by the vice-chancellors and prinicpals of the member universities or appointed by the Board following a recommendation from the Governance and Nominations Committee.

Chief Executive

Vivienne Stern MBE

* Term of office ended 7 November 2024 ** Term of office ended 9 December 2024

Term of office ended 31 July 2025 * Term of office ended 9 October 2025

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

Structure, governance and management

Organisational structure of the company

Universities UK

Universities UK is a company limited by guarantee with the registered number 2517018, governed by its Articles of Association adopted in March 2022. It is a charity with the registered number 1001127 (England and Wales) and SC052497 (Scotland). Its principal offices are in Bloomsbury, London.

Universities Scotland

In Scotland (where it operates from its Edinburgh office under the name Universities Scotland), Universities Scotland is a national council of the charity Universities UK.

Universities Wales

In Wales (where it operates from its Cardiff office under the name Universities Wales), Universities Wales is a national council of the charity Universities UK.

Structure of subsidiary companies

Woburn House Conference Centre Ltd

Universities UK owns 100% of the share capital of Woburn House Conference Centre Ltd (company number 3031467) whose business is the operation of the conference facilities at Woburn House. Income generated from the activity of the centre is covenanted to Universities UK.

Medical Schools Council

Universities UK is the holding member of the Medical Schools Council, a company limited by guarantee (company number 8817383) and registered with the Charity Commission (number 1155370). The objects of the Medical Schools Council are to promote, encourage and develop medical schools in the UK and thereby advance education for the public benefit, in particular medical education, research and training. Its Board of Directors is elected from its own members.

The results and financial position of Woburn House Conference Centre Ltd, the Medical Schools Council and MSC Assessment are consolidated with those of Universities UK in preparing its consolidated financial statements. Separate results are shown in note 21 to the financial statements.

CVCP Properties plc

CVCP Properties plc is not a subsidiary of Universities UK but is considered to be a related party. Universities UK owns all 550,000 preference shares in CVCP Properties plc and 50,000 (1%) of its ordinary shares. Universities UK is a major tenant of CVCP Properties plc in Woburn House.

Restricted funds

The restricted funds managed by Universities UK include parts of Universities UK International funds (operating unit of Universities UK). Medical Schools Council and its various funds (a subsidiary) and MSC Assessment (a sub-subsidiary) are also restricted funds in Universities UK’s consolidated financial statements. Further details on the objectives, activities and financial performance of all restricted funds are given in notes 19 and 21 to the financial statements.

Relationship with higher education sector agencies

Universities UK is the original subscribing member of various UK higher education sector agencies including Advance HE, Office of the Independent Adjudicator, Quality Assurance Agency, UCAS, Universities and Colleges Employers Association and Jisc.

Members of Universities UK contribute to governance oversight of these bodies through Board membership and other involvement, alongside interaction between Universities UK staff and staff of the bodies concerned. Transactions between Universities UK and these sector agencies are disclosed in note 24 to the financial statements.

MSC Assessment

The Medical Schools Council is the holding member of MSC Assessment, a company limited by guarantee (company number 8578576) and registered with the Charity Commission (number 1153045). The objects of MSC Assessment are to advance medical education for the benefit of the public including by the preparation, validation, accreditation, conduct and administration of any tests, examinations or other systems of assessing, evaluating and recording any aspect of medical education and training. Its Board of Directors is elected from members of the Medical Schools Council.

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

Governance and decision-making

Non-executive directors/trustees

The Board of Trustees comprises up to 21 members and meets five times a year as a minimum. The President, elected by the members, serves a twoyear term. The Convenor of Universities Scotland and Chair of Universities Wales are members of the Universities UK Board, serving as Vice-Presidents alongside an elected Vice-President for England and Northern Ireland. The membership also elects a Board member to serve as Treasurer.

Induction and training of trustees

New trustees receive information supporting their induction and have the opportunity to attend an in person induction with the senior team ahead of their first Board meeting, which includes relevant Charity Commission and OSCR documents on the role of a trustee, a copy of the Universities UK Articles of Association and the Strategic Plan. It is the aim of the organisation to update trustees and members on any new legislation that may affect the governance of the charity and to offer on-going support through additional training when required.

Board sub-committees

Universities UK has six standing committees: Board Advisory, Resources, Audit and Risk, Governance and Nominations, Membership and Remuneration. Four elected policy lead roles on the Board lead on key policy issues of the UK higher education agenda in line with the organisation’s strategic priorities. Membership of committees is made up of a combination of Board members and Universities UK members. The Resources, Audit and Risk and Remuneration also have an independent member appointed through a competitive recruitment process.

Arrangements for setting pay and remuneration

Member input and support to the work of Universities UK is on a non-remunerated basis. The pay and remuneration of executive management is set by a Remuneration Committee, which comprises Universities UK members chaired by the Treasurer and includes an independent member. The pay and remuneration levels for all other staff grades is negotiated with the recognised union, Prospect, as part of the recognition agreement.

Charity Governance Code

Universities UK governance has been reviewed against the Charity Governance Code. Universities UK is committed to applying good practice where possible and explaining where it is not aligned, the reasons for this or changes that are being planned. The Code is applied in the context of Universities UK being a relatively small membership organisation of 141 members, with Board members elected by and from its membership.

Principle 1 – organisational purpose

2024–25 was the second year of the Strategic Plan: A common cause: thriving universities, serving society. The Board has oversight of the management of resources ensuring that the allocation is linked to operational plans in pursuit of strategic objectives and therefore overall organisational purpose.

Principle 2 – leadership

The Board is led by the President. Across the Board there are robust debates leading to an agreed direction for the officers and staff to follow. The President has oversight of CEO performance.

Principle 3 – integrity

Board members declare all conflicts of interest at every meeting and will absent themselves from discussions as required. Through its sub-committee structures the Board has oversight of issues such as finances, HR practices, procurement, data security and integrity, safeguarding and remuneration to make sure that the charity operates responsibly in line with its own ethics and values.

Principle 4 – decision making, risk and control The Board have oversight of finance, performance and risk through its sub-committee structure and Board meeting agendas. The Audit and Risk Committees considers risk at each meeting. The Board are presented with the strategic risk registers at every meeting and have a full discussion on risk once a year, or more often if significant changes occur. All sub-committees have Terms of Reference established which are approved by the Board.

Executive management

The Chief Executive leads a Senior Leadership Team comprising the Directors of Policy; Universities UK International; Communications; Operations; Strategy, Insight and Member Engagement; Universities Scotland and Universities Wales.

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

Principle 5 – Board effectiveness

15 out of the potential 21 Board members are elected from the membership by the membership. Board posts have set terms, and roles are subject to re-election when those terms expire. It is unusual for total service to exceed nine years, but possible if members are elected to different roles on the Board or they have expertise or responsibilities relevant to the Board’s deliberations or strategic priorities.

Principle 6 – equality, diversity, and inclusion 15 board posts are elected from and by the membership. There are challenges with the diversity of potential candidates from a restricted pool. The remaining positions are ‘nominated members’ identified by the Governance and Nominations Committee and approved by the Board. The nominated positions are selected using a matrix of skills, experience, knowledge, background and institution. The Board believes that as far as it can within the constraints of an elected Board, reasonable steps are taken to ensure that diversity in its widest sense is prioritised and implemented.

Principle 7 – openness and accountability

The Board and Executive team make every effort to engage with the full membership and give all members opportunities to participate in setting the direction of work for the charity through regular member meetings, roundtable events, task and finish groups and a bi-annual member survey. The Chief Executive hosts group Teams calls each featuring 15–20 members, to which all members are invited, to discuss current issues and has a rolling programme of institution visits.

Strategic report

Strategic aims

2024–25 was the second year of the strategic plan ‘A common cause: thriving universities, serving society’. The strategic objectives in that plan are:

By 2030 we will have enabled our universities to:

To help them achieve this we will:

And, at Universities UK, we know that we need to develop to be:

These aims are achieved through the delivery of activities to members in England, Northern Ireland, Scotland and Wales to support their domestic and international activities, and institutions providing higher education in medical and health. Our work is organised through annual programme plans, detailing our short-term objectives.

2024–25 was the final year of Professor Dame Sally Mapstone’s presidency. Over the term of her presidency, she has championed the strength of our sector and has successfully built strong, productive relationships across both the current and previous governments. We are grateful for Sally’s leadership over the last two years navigating Universities UK through some challenges for the sector.

Early in the year we concluded the transfer of USS employer representative responsibility to UCEA. This was the culmination of many years careful work with UCEA and USS to hand over this responsibility to achieve the aim of having one organisation supporting the sector on pensions. The final piece of work achieved in September 2025 was the transfer of the funding Universities UK had raised from the largest USS employers for a Governance Review of the USS pension scheme. Now the sector is benefiting from one organisation representing employers across TPS, USS and LGPS.

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Activities for members – England, Northern Ireland, UK wide and International

Our activities include policy research, analysis and development, relationship building, lobbying, campaigning and advocacy, communications with the media, public and stakeholders and development and delivery of services to our members.

The strategic report sets out how we have worked for the higher education sector in this challenging year. Financial pressures across all four nations of the UK, geopolitics, political hostility towards the quality and value of the education our universities provide: finding ourselves at the centre of culture wars; and uncertainty about international student mobility have all impacted universities’ ability to serve society. But where these challenges have arisen, Universities UK in collaboration with our members and others across the sector have acted to address them.

Where criticisms of the sector occurred, we were able to respond with robust evidence or bring our members together to take action. Where potentially catastrophic policy decisions such as the potential closure of the Graduate Route emerged, we leveraged our own and our members’ networks and evidence to robustly counter the arguments.

This year has necessitated a significant amount of reactive work and Universities UK has had periods of dedicating significant resource and effort to critical but unplanned work. This is evident in our work supporting members with campus tensions or the supreme court rulings with resources and ad hoc meetings that members have found very valuable.

Alongside having to respond to the external environment, we have continued with proactive work. We have championed the sector through our positive campaigning, deepened our influence among political stakeholders and others, and created a real shift in the narrative about university finances.

This year more than ever has shown that none of this would be possible without the engagement of our member institutions. At every turn, our members and their wider teams have provided support, advice and contributions to our work, and have supported each other.

Engagement with Members remains high with regular monthly VC calls, our annual conference at The University of Reading in September 2024 and our quarterly members’ meetings. We continued our engagement with new and mid-term vice-chancellors through peer-to-peer learning opportunities, and our Specialist Institutions’ Forum (SIF) brought focus and profile to the issues of our specialist institutions.

Universities UK has secured strong parliamentary and political engagement this year. There were 60 written and oral questions in Parliament on issues relevant to our members. We received 62 positive references from parliamentarians and government. We also held 66 meetings with UK government and shadow ministers. In addition, we engaged with 54 new MPs. The All-Party Parliamentary Universities Group, which Universities UK provides the secretariat for, has thrived with a membership of 97 universities, 35 MPs and 38 peers.

Using print, broadcast and social media, we disseminated information to members and the wider public. Our activity was covered by 2,400 unique authors and garnered 19,000 media mentions online, with a print media reach of over 57 million.

There were 950k visitors to the Universities UK website, amassing over 1.8 million page views. Our social media presence continues to grow with 2.4million X impressions and 1.7million LinkedIn impressions with a 22% growth in our followers.

From January, we led our Spending Review campaign focusing on opportunity, growth and productivity, and transformation and efficiency. It generated 3,036 media and social media mentions, 20,000 webpage views, reached 5 million people, and involved 573 unique authors. We achieved strong political impact through events, roundtables, and meetings with MPs, peers, and ministers. Member engagement was high, with 218 case studies submitted and strong interaction across social media and regional news.

Our Vice President, England and Northern Ireland has regular engagement with the two Vice Chancellors in the Northern Ireland universities and keeps the Board updated with any developments or issues relating to Northern Ireland institutions.

Ensuring that we thoughtfully prioritise our effort has been central to our success in reactive work while still being able to deliver proactive outputs and outcomes such as our lobbying on the comprehensive spending review. In the member survey, 93% of respondents agreed that Universities UK focuses on issues that matter most to the higher education sector.

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

Key outcomes in 2024–25

As a result of the activities in the year Universities UK achieved the following in the pursuit to secure a sustainable future for our universities, support student success and deliver high quality education.

Our Blueprint for change

Our Blueprint for Change was published in autumn 2024 and timed to successfully shape the new Labour government’s policy and economic agenda.

The positioning of the Blueprint played a critical role in securing some significant announcements at the government’s Autumn Budget 2024, including:

At a strategic level, the Blueprint put our vision for higher education and research firmly onto No.10’s radar thanks to the support of our appointed Commissioners. It also heavily influenced both the DfE and DSIT reform agendas, placing the sector in a constructive position to negotiate to secure additional public investment in an extremely challenging fiscal environment. This has been particularly evident when it comes to our work on transformation and efficiency.

Outside of the Budget announcements, it has unlocked strategic decisions by external parties to the benefit of member institutions. These include ensuring:

Sustainable Funding and Comprehensive spending review

Universities UK’s Blueprint has been one part of a strategy to put sustainable funding of the higher education and research system, in all four nations of the UK, on the political agenda. We set out to a) prove there is a problem, with robust analysis by PWC published a year and a half ago; b) make others care, with a sustained approach to raising the profile of the issue in public and with politicians and illustrating why it matters to the UK; c) put forward solutions, which we have done via the Blueprint and subsequent discussions with government.

While the inflationary increases in the domestic tuition fee in England and Wales was a welcome first step, the financial situation facing members remains extremely challenging. We have continued to highlight to governments, directly and through consistent public messaging, the impacts of declining funding and importance of further investment in the sector through:

Although DfE have yet to allocate their budget for higher education following the Spending Review, Ministers in England are sending strong signals that they intend to act. The DSIT settlement for research provides a basis for a real terms increase in UKRI funding and QR, for which we will advocate vigorously as departmental allocations are settled.

Key publications

More recently, it laid important groundwork for securing vital Spending Review commitments including an £86bn investment for R&D (and an increase in DSIT’s budget as part of this), and a relatively promising DfE settlement in a period of significant fiscal constraint.

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Transformation and efficiency

In December 2024, following a commitment in Universities UK’s Blueprint, we established a new Transformation and Efficiency Taskforce, chaired by Sir Nigel Carrington, to consider new ways of working to deliver meaningful change and achieve greater efficiency across the sector.

The first report of the Taskforce, ‘Transformation and Efficiency – Towards a new era of collaboration’, was published in June and identified seven key opportunities for universities across the UK to work together, share services and assets, and collaborate to deliver fundamental transformation and unlock significant savings.

The report has been strongly and publicly welcomed by government ministers, as well as officials and by sector leaders. It has positioned Universities UK and the sector itself as partners with government in addressing the challenges our universities face. Ministers consistently refer to the work of the taskforce in public and private discussions about future policy, including the English Higher Education Reform Agenda and the work is regularly referenced by media in reporting of sector finances.

Our engagement also resulted in additional clarity on competition law compliance and HE collaboration published by the CMA.

Our well-attended summit was an opportunity to bring together leaders, innovators and key stakeholders to discuss the emerging findings of the report and address the financial challenges faced by the sector to deliver long-term stability.

Building on their “Collaboration for a sustainable future” report, we worked with JISC to develop outline strategic cases for the most beneficial and feasible options for national collaboration to improve sector performance and reduce waste and costs.

With the support of expert partners, KPMG, Mills & Reeve, PwC, Shakespeare Martineau, Moorhouse and Lloyds, the taskforce delivered workshops across the UK and provided guidance on areas including innovative collaborative structures, structured approaches to cost reduction, maximising value from estates, competition law, digital transformation and financing transformation.

Key publications

International student recruitment including Immigration White Paper

For the third time in a little over a year, Universities UK led work to successfully protect the Graduate Route in the run-up to the publication of the government’s Immigration White Paper.

Using the Blueprint as our basis, we produced analysis which was shared across various government departments to highlight the importance of the UK’s Graduate Route to international student recruitment. We provided the resources our members need to take action with local politicians, supported politicians to speak on our behalf, and raised the issue in the national media.

Since the publication of the White Paper, we have led sector advocacy on Basic Compliance Assessment thresholds and the proposed international student levy.

Influencing government priorities (HE reform and Industrial strategy)

Since the Secretary of State sent her letter to the English sector with her five priorities for HE Reform, we have actively shaped the sector’s response – working with government officials and members to develop clear, actionable proposals that show how universities are already delivering and can go further. Through roundtables, one to one conversations and member engagement we are steering the government’s thinking as it finalises the Post-16 Strategy which will include further direction of HE reform.

We have engaged with officials in the Department for Business and Trade and across Whitehall to influence decision makers working on the Industrial Strategy and sector plans. We have lobbied to ensure that universities are embedded in the design of the strategy, and that the sector’s contributions to the successful delivery of the strategy – across skills, R&D, innovation and placemaking – are recognised.

For all four nations of the UK, universities are drivers of local and national growth. We have increased our public advocacy and proactive communications work to highlight this, through campaigns like #UnisStartUpTheUK, which was featured in 100 pieces of coverage online and at least a dozen print articles, and through our publication Why universities are critical to an industrial strategy which highlighted the contributions of 18 Universities UK members.

This work was supported by the #UnisStartUpWales campaign, with Wales-specific case studies and engagement.

Key publications

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Opportunity through high quality education

Freedom of Speech has been an important area of work for Universities UK in the last year. Underlining the sector’s commitment to protecting and promoting Free Speech, and supporting our members to navigate this complex landscape has been the focus of a great deal of our attention. We regularly convene members to discuss approaches to managing campus tensions, and create opportunities to discuss this with key stakeholders, as well as supporting members to respond to the Supreme Court ruling on the definition of sex. We have created a repository of material shared by our members to assist each other in dealing with complex issues. We have secured commitments from Ministers to improve the Freedom of Speech Act, to address some serious concerns about the legislation as originally passed, and have worked closely with the OFS to inform their guidance to institutions on this topic.

We worked to take proactive ownership of quality matters across the four nations by establishing the Quality Council for UK Higher Education, and through this convene the sector UK-wide to consider and address areas of risk and opportunity.

On expanding opportunity, we published our Access to Success action plan as a follow up to the Blueprint to take forwards its key recommendations. We launched a partnership with the Sutton Trust and UCAS on contextual admissions, which has been supported by Ministers and takes its lead from a previous initiative led by Universities Scotland.

In England, we’ve managed to protect on the perstudent funding rate for the access and success elements of SPG in cash terms. In England we also secured a 3.1% increase in maintenance support for undergraduate students in England; and influenced the curriculum and assessment review, securing a delay to level 2 qualification defunding until 2027.

We have supported members to expand and diversify their transnational education, with a focus on ensuring secure and sustainable growth. We succeeded in securing a significant reduction in burden associated with planned transnational education data collection and regulation for English and Welsh providers. We have also highlighted the crucial role of TNE and other university activity in contributing to the UK’s soft power global influence, joining the government’s Soft Power Council and feeding in to the Foreign Affairs Committee’s Soft Power Inquiry.

On outward mobility we published new research and shared early findings with government ahead of the autumn budget and in support of our Comprehensive Spending Review (CSR) submission. Turing Scheme funding was confirmed for 2025–26 including our recommendation on funding for shortterm placements. We met with EU representatives and provided briefings to FCDO and Cabinet office officials to influence the terms of the agreement that was announced at the UK-EU summit on 19 May, to work towards a Youth Mobility Scheme and Erasmus+ association.

Key publications

Knowledge and skills for growth and prosperity

On Innovation and Enterprise we have been consistently lobbying in favour of sustained and increased HEIF funding, and their equivalents across the devolved nations as well as continuing Regional Innovation Funding to replace ERDF funds. We submitted a detailed briefing to HM Treasury reinforced by work with Research England on the evidence base to support the impact of HEIF. We have helped secure and develop the new £500 million Local Innovation Partnership Fund with DSIT, Research England and HMT. We have ensured that funding is available to support both university collaboration with Mayoral Combined Authorities but also collaboration on local growth in other regions and nations in the UK.

We have campaigned on the role and value of universities to the start-up and spin-out ecosystem in the UK.

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

As part of the ‘Unis Start Up the UK’ campaign, supported by the #UnisStartUpWales campaign run by Universities Wales, we highlighted both the scale of university activity and many examples from across the UK, securing significant coverage across regional and local press with 100 pieces of coverage online and at least a dozen print articles accompanied by a well-attended Parliamentary reception at which several founders were present. The campaign achieved over 1,200 page views in the first week, 3,400 to date and 29,700 LinkedIn impressions. The work complemented our engagement with the implementation of the recommendations of the Independent Review of University Spinouts where we have ensured universities are directly influencing policy as well as our lobbying for increased proof-of concept funds.

We have lobbied MHCLG on the value of universities to Local Growth and have actively promoted examples of the university contribution to local growth across a wide range of our policy work. Universities have been identified as key stakeholders that Mayoral Strategic Authorities are expected to engage with when developing local growth plans.

We have established a Civic and Local Growth Network which has already provided detailed input to the development of Local Innovation Partnerships Fund, has discussed at senior level the regional role of Innovate UK and is working with the NHS Confederation on local collaboration.

On skills, we facilitated regular engagement between members and Skills England, securing recognition of high-level skills in workforce planning. We published analysis linking graduate skills to economic growth, including their role in the eight priority sectors. We engaged with the IfATE Bill and responded to the NHS 10-Year Plan consultation. We secured a win with the DfE’s decision to reopen ITT accreditation for previously unsuccessful providers.

Key publications

Ground-breaking discoveries

Our sustained advocacy for a long-term, sustainable research and innovation system was instrumental in securing a major win for the sector by helping protect overall government R&D investment, with £20.4 billion allocated in 2025–26. We partnered with Elsevier to launch new analysis of the UK’s R&D footprint, strengthening the evidence base for policy. The data highlighted the UK’s strong emphasis on research quality, with an average Field-Weighted Citation Impact (FWCI) of 1.55 – indicating that UK research is cited 55% more than the global average. It also showed that academic research in the UK is highly collaborative with industry, at more than twice the global average (5.6% vs. 2.7%).

We developed a clear narrative on the critical role of QR in helping institutions undertake and sustain high-quality research, which was used in our Spending Review advocacy work. We influenced government thinking on financial resilience through strategic roundtables with Vice-Chancellors, feeding into DSIT’s internal work.

We influenced high-level policy thinking of senior government figures, including the Science Minister, as they consider reforming research funding to meet DSIT’s objectives and support sector sustainability. We shaped the development of the REF PCE pilot through member feedback and secured greater recognition of the challenges facing institutions affected by REF eligibility issues linked to the teachers’ pension scheme.

We ensured DSIT understands the seriousness with which universities are undertaking efficiency measures in R&D which helped our case for investment at the spending review, and we ensured UKRI works with us as it implements change to address incentives in the system which are affecting full economic cost recovery. We also drove progress on reducing research bureaucracy, relaunching the Universities UK Research Bureaucracy Working Group, and supported sector standards by contributing to the refresh of the Research Integrity Concordat.

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Horizon Europe

To make the most of the opportunities that Horizon Europe offers we supported the UK’s ‘boosting participation in Horizon Europe’ agenda by delivering six high-level Horizon Europe delegations (France, The Netherlands, Norway, Poland, Ireland and Germany). To do this at scale we secured a £190k grant from the Wellcome Trust. Each delegation attracted between 10–15 PVCs and overall involved approximately 50 participants.

We reinstated Universities UK International (UUKi)’s regular presence in Brussels: delivering two UUKi led delegations engaging with the UK Mission to the EU, DSIT, EUA and the European Commission representatives. A third and much larger delegation was held in July to coincide with the EC’s launch of draft proposals for the EC’s Multiannual Financial Framework (MFF, 2028 onwards) which will form a basis for budget and priority setting for the next round of EC programmes such as the Framework Programme 10 (FP10).

The UK participation rates in Horizon Europe are going up since we became associated in 2024, data on this is still patchy but we understand that the UK has safely reversed the downward participation trend. This is particularly the case in Pillar 1 (European Research Council and Marie Skłodowska Curie Actions, MSCAs) where the UK’s participation has bounced back strongly and some early successes show that the UK is back to being first (in particular in MSCA Postdoctoral Fellowships 2024, ERC Advanced Grants 2024). Our participation rates in Pillar 2 – collaborative projects – is good but this is the area that might require a little bit more time to fully recover as we take time to rebuild partnerships. We understand that where we have participated in Pillar 2 our success rate is higher than the average.

International Science Partnerships Fund

We established ourselves as a core partner of government in delivering the International Science Partnership Fund, delivering two ISPF funded UK–France schemes and successfully concluded the ISPF funded UK–Israel innovation researcher mobility scheme. We further manage the £875k ISPF funded UK–Korea International Research Partnership in Engineering Biology. We delivered two bilateral research collaboration webinars with the ISPF priority countries – South Africa and South Korea. Each webinar attracted over 200 participants who learned about the latest collaborative funding opportunities, examples of successful projects and had the opportunity to network.

Highlighting the non-financial contributions of international students

UUKi published the report ‘Powering the engine: the non-financial contribution of international postgraduate students’ to the UK which reveals the impact of international postgraduate research talent to the UK’s R&D and outlines recommendations regarding visa policies, data collection and coordinating effort. The report has received 1,114 page views and has been downloaded 249 times.

Key publications

Looking ahead beyond Horizon Europe we published our position paper on FP10 highlighting the need for the programme to be based on excellence as well as openness and recognising what the UK as ‘likeminded’ partner country can offer to the EU. Our FP10 paper was shared with the European Commission, European Universities Association and our European partners. In the UK the paper was shared with DSIT and UKRI advocation for UK’s association to FP10 and the mutual benefit of the association to the UK and importantly the EU too.

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

Building pride in our universities

With the new Labour government facing an incredibly tough public spending environment and the backdrop of strained university finances, our work has focused on making the case for higher education funding as a growth driving investment, as well as strengthening our influence within Westminster.

Universities UK has driven the conversation on higher education within the national media and among parliamentarians with a series of research reports demonstrating the value of universities to the economy, to future earnings and to the high-growth sectors identified in the industrial strategy. Our campaign on university start-ups brought to life the sector’s contribution to supporting entrepreneurship and local economic growth. Our four-point plan on widening opportunity demonstrated the sector’s commitment to delivering on the second of Labour’s five missions.

Key publications

We have also used the strength of our media relationships to strategically place stories in support of the case for investment in UK higher education. This included the member survey showing the difficult decisions members have been taking to reduce costs, covered across BBC broadcast, and the provision analysis demonstrating the risk of funding shortfalls to the government’s growth strategy, covered by the Financial Times.

We have defended the sector’s reputation in national media on issues ranging from freedom of speech to franchised provision, where we successfully managed the negative impact of a series of stories in The Sunday Times.

As well as generating over 19,000 mentions across print, online and social media, Universities UK has also had 66 meetings with UK government, shadow ministers, and spokespeople.

We have established strong relationships with the new government over the past year, and continue to demonstrate universities’ positive impact with key departments outside of the Department for Education. The engagement we pursued with ministers and advisors while in opposition helped to secure ministerial presence at both the Universities UK annual conference and Labour Party Conference events. We have also created other opportunities for members to meet with relevant Ministers and their shadow counterparts, including on major issues such as the Immigration White Paper.

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

Activities for members: Universities Scotland

Universities Scotland represents the Principals and Directors of Scotland’s 19 higher education institutions, developing higher education policy and campaigning on issues where members have a shared interest.

Over the past year, Universities Scotland has championed the interests of Scotland’s higher education sector. In an evolving political, economic, and global context, we’ve worked to ensure the voice of universities is heard – and acted upon – across government, parliament, the media, and in international forums.

At the heart of our work is a deep commitment to ensuring that Scottish higher education is inclusive, fair, and delivering for students.

Widening Access

Fair Admissions and Support for Disabled Applicants

Supporting Student Wellbeing

Tackling Gender-Based Violence

We have been working to positioning universities at the heart of economic and skills strategy.

Growing the Economy

Supporting the Health Workforce

Teaching and Learning Quality

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Skills for the Future

Amid continued budget pressures, Universities Scotland has been a clear and consistent voice calling for sustainable and competitive investment in higher education.

Sector Funding

Strengthening Scotland’s Global Reach

In a world where global collaboration is essential, we’ve worked to advocate for Scotland’s universities internationally.

We contributed to work on transnational education risk and represented Scotland at NAFSA (San Diego) and EAIE (Aussone) – major global education events.

Advocating for the Sector

We’ve maintained a strong parliamentary presence, ensuring higher education is well represented in key legislative and policy discussions. This included:

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

Activities for members: Universities Wales

In 2024–25, Universities Wales focused on two critical priorities: the financial sustainability of Welsh universities and the establishment of Medr, Wales’ new Commission for Tertiary Education and Research, while also continuing our work on the decline in higher education participation in Wales.

The financial challenges facing universities came to the fore this year. Our advocacy led to widespread press and political coverage of the challenges, a series of engagements with government, additional in-year financial support for universities, and the announcement that tuition fees in Wales would match proposed changes in England.

Linked to our work on financial sustainability, was the publication of the London Economics report on the economic impact of Welsh universities’ teaching, research and innovation, which revealed that for every £1 of public money invested, Welsh universities generate over £13 of economic impact. We used the findings of this report in our campaigning and advocacy work on financial sustainability, highlighting the significant benefits Welsh universities bring to the wider Welsh economy.

Later in the year we launched our Unis Start Up Wales campaign (linked to Universities UK’s Unis Start Up the UK campaign) which highlighted the rapid rise in student and staff start-ups coming out of Welsh universities, and the benefits that brings to the economy. We collected a number of case studies from members, which were shared on social media, on our website and in our newsletters.

Engagement with Medr, the new Commission for Tertiary Education and Research in Wales, which officially launched on 1 August, was also key priority for us in 2024–25. As well as building relationships with key staff and council members, we also provided comprehensive and robust responses to Medr consultations, including on its strategic plan and on a proposed new regulatory framework addressing conditions of registration and funding. The second phase of consultation on the new regulatory system is expected to take place in autumn 2025.

Welsh Government’s first set of regulations relating to registration came into force in November 2024. Universities Wales engaged further with Medr to mitigate remaining areas of potential concern, such as the handling of franchise provision. A consultation on the second set of regulations took place in the spring, with Universities Wales submitting a joint response with Chairs of Universities Wales.

In 2024–25, Universities Wales carried out its second annual perception audit, with interviewees including Senedd Members and Welsh MPs. Despite the challenging media environment, the perception audit demonstrated progress in all areas of external affairs engagement and organisational reputation.

With the policy environment around immigration and international students still unstable, Universities Wales published ‘Wales Beyond Borders’, which set out a series of recommendations to unlock Wales’ full potential in the global academic and innovation landscape. The report received positive engagement from politicians, with a number of MSs attending the launch event.

Participation continued to be a key focus in 2024–25, with UCAS figures showing a continued fall in the number of Welsh 18-year-olds choosing to go to university. As a direct result of our briefings, the Children, Young People and Education Committee held an inquiry on routes into post-16 education and training, to which we provided a written response as well as giving evidence in person. We also issued a press release in response to the UCAS January intake figures, resulting in significant media coverage.

Following on from our Transforming Lives campaign launched in 2023–24, we held an event on the Senedd estate in October to promote and celebrate the campaign and its participants. The event was attended by a number of Senedd Members, including the Minister for Further and Higher Education and opposition education spokespeople. At the event we launched a publication featuring a collection of case studies gathered throughout the campaign.

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

Wales Innovation Network (WIN)

Universities Wales has continued to deliver WIN, which enhances collaboration in research and innovation between Welsh universities, increasing both grant capture and the overall impact of R&I across the sector.

In 2024–25, WIN published an impact report covering its first three years of operation, which revealed that WIN funding has successfully leveraged more than £38 million in external investment - a 19-fold return on investment. Contributing to this success was the WIN Small Grant Fund, which this year awarded nine grants to seed-fund collaborative R&I projects.

WIN currently operates five thematic networks that support the development of collaboration in key areas, such as Net Zero and public health. These include the All-Wales Policing Academic Collaboration, bringing together academic and policing partners with a focus on public trust in policing, with findings directly influencing policing practices. The Welsh Arts and Humanities Alliance (WAHA), which champions arts and humanities research, has recently coordinated a successful bid for an all-Wales doctoral training award.

In partnership with Taighde Éireann – Research Ireland, WIN launched the Research Alliance Award, a funding programme designed to strengthen Ireland-Wales research ties and support the development of competitive grants for Horizon Europe. Eight projects were funded across a diverse range of disciplines, spanning cutting-edge fields from neurodegenerative therapies to sustainable energy and AI-driven environmental solutions. Additionally, working with Wales Higher Education Brussels (WHEB) and AHRC, WIN supported a WAHA delegation to Brussels. Welsh research was showcased at a reception as part of Welsh Government’s St David’s Day celebrations, followed by a workshop on European funding.

To support researchers’ engagement with key R&I topics, WIN introduced a series of monthly webinars covering a range of themes, including research commercialisation, place-based approaches, and building consortia for Horizon bids. Several targeted workshops were also held, such as one on Health, Climate and People , bringing together stakeholders from across the public, private, and third sectors to foster community engagement and long-term partnerships. These activities directly support the strategic development of future collaborative funding opportunities.

Global Wales

In the final year of the Global Wales III phase, the team delivered some significant achievements on behalf of the sector amidst fundamental changes to the structure of the programme due to Welsh Government budget cuts.

Across priority countries India, USA, Canada, Vietnam and Germany, activities included the awarding of 44 partnership grants and 13 Global Wales funded scholarships. We organised five outward delegations and three inward visits, alongside welcoming 18 high school advisors to Wales.

Global Wales was joined by Welsh institutions at a large student recruitment event in the USA and two major higher education conferences, exhibiting under the Study in Wales brand. Meanwhile, Study in Wales marketing campaigns reached over 750 million views and 9 million clicks through to the Study in Wales website, generating over 780,000 leads to university profiles and websites.

Welsh Higher Education Brussels (WHEB)

Key areas of focus for WHEB in 2024–25 included supporting Welsh university engagement with Horizon Europe, keeping universities informed about the development of future EU programmes, and tracking alignment with the European Research Area and European Higher Education Area. Participation in the Brussels-based UNILION and ERRIN networks has continued to be important with information gathered and shared back to Wales.

Activities included visits by the delivery of webinars on approaches to consortia-building and opportunities for Early Career Researchers; a continuation of the partnership with the Flanders Research Agency; and signposting participation in the COST programme. Thematic research areas covered through these events include AI, health and wellbeing, minority languages, ocean science and bioeconomy.

The major engagement event of 2024–25, as part of the St David’s Day events in Brussels, involved close collaboration with the Wales Arts and Humanities Alliance to run a research networking event highlighting excellence in cultural heritage research and focusing on the opportunities in the forthcoming European Partnership on Resilient Cultural Heritage.

WHEB has worked with UUKi and Universities Scotland to shape a position paper on the next EU R&I programme and tracked the development of the European Research Area action lines, and hosted a meeting with the European Commission on regional approaches to this.

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Activities for members: Health

Medical Schools Council (MSC) Activities to meet these aims in 2024–25

The academic year 2024–25 marked the end of a decade in which significant work had taken place to increase the number of medical students from the most deprived socio-economic backgrounds. The publication of Fostering Potential in December 2024 provided detailed data demonstrating, over the decade, an increase from 6% to 14% of the number of medical students from Index of Multiple Deprivation (IMD) Quintile 1 (the most deprived quintile). A representative spread would be 20% in each quintile and MSC is working towards that objective.

The year was also marked by extensive work with the GMC around the Medical Licensing Assessment. After many years of intense work, the year saw the successful live sittings of the MLA’s Applied Knowledge Test for all students graduating in 2024–25.

It was also the year in which DHSC ignored a 22 year precedent and declined to reimburse universities for the additional cost of the new consultant contract: a contract negotiated without the involvement of the universities or DfE. This poses a real threat to clinical academia. MSC has spent the year making the case for pay parity between Honorary and Substantive NHS consultants and to include consultants holding substantive contracts with universities in any future negotiating framework.

Aim 1: To be the authoritative voice of UK medical schools

The statutory education bodies in the four countries {NHS England Workforce Training and Education (NHSE WT&E), NHS Education Scotland (NES), Health Education and Improvement Wales (HEIW) and the Northern Ireland Medical and Dental Training Agency (NIMDTA)} recognise that MSC is the body with which they must engage for the collective views of the UK’s medical schools. This close collaboration continued throughout the year as the new Government decided on its approach to the NHS following the most comprehensive consultation in the organisation’s history. Fit for the Future – the NHS 10 Year Plan was published on 3 July 2025 and will underpin MSC’s work in 2025–26.

Aim 2: To maintain the world class quality of UK medical education

Innovation which improves the quality of medical education and thus improves patient care – has long been recognised globally as a strength of the UK system. The MSC initiative to work with the GMC to create the UK Medical Education Database (UKMED) is one example. To reflect the speed of technological change, in 2024–25 MSC published guidance around Data Science in the undergraduate curriculum. MSC has long espoused sharing experience as the most effective method to raise quality. It actively pursues this agenda through the multiple activities of its Education leads, the Selection Alliance, Assessment Alliance, Research leads and EDI Alliance.

Aim 3: To be a global leader in medical assessment

The most significant change in medical education for decades was the decision by UK medical schools to set and administer a national exam – the Medical School Applied Knowledge Test (AKT), regulated by the GMC. The exam is delivered locally by medical schools using the ExamWrite platform MSC has developed over the last 10 years. It went live in 2024–25 with extremely positive feedback from both staff and students. MSC also works with the British Pharmacological Society to set and deliver the Prescribing Safety Assessment . Consultations will take place over the next 6 months to determine ways in which the PSA might assess more practical aspects of prescribing as well as modifications to prevent duplication with the Applied Knowledge Test.

Aim 4: To focus on Widening participation, Equity, Diversity and Inclusivity and to enhance clinical leadership and develop leaders within medical schools

The MSC Equality, Diversity and Inclusion Alliance (MSC EDIA) was set up in 2020 to take forward the MSC’s work on EDI which is an important strategic focus for the organisation.

Aim 5: To maintain and build on the close relationship between universities and the NHS Support of the University Hospital Association moved to NHS Providers in April 2025.

Aim 6: To explore the public’s needs of doctors, the number required and the changing role of the doctor in the future of healthcare

The NHS 10 Year Plan published in July 2025 envisages fewer doctors working in Trusts in the future, more generalists and GPs and all doctors working at the top of their game, undertaking work only they can do. MSC will focus on such issues in the coming academic year.

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Aim 7: To promote clinical academic careers and the conduct of high-quality research in medical school

MSC has focused on inspiring medical students to consider clinical academic careers. It has commissioned a piece of research on Student views of intercalation and is and continuing to collect and publish data on those doctors with substantive contracts with universities rather than the NHS. It continues to work tirelessly to secure pay parity between NHS consultants and their colleagues with substantive contracts with universities.

Aim 8: To facilitate the transition between undergraduate and postgraduate environments MSC and the UK Foundation Programme Office (UKFPO) continue to work together to facilitate the transition between undergraduate and postgraduate education and training. The Preference Informed Allocation (PIA) scheme was again used to allocate posts in 2024–25 with 84% of students receiving their first choice. The 4 nations each takes a different approach to the Specialised Foundation Programme and further work is still required in this area.

Aim 9: To support all aspects of medical schools’ work and add real value for members

When MSC was created in the last century it was essentially a support network for the Heads of the medical schools. With time it has metamorphosed into an organisation seeking to support all aspects of medical schools’ missions.

Aim 10: To provide a supportive network for medical school deans and their colleagues The Heads of Schools confirmed to an external review that if MSC did not exist it would have to be invented. It provides an invaluable mechanism for the resolution of issues and for supporting all members of the medical school community for the greater good of students, staff, patients and the UK economy.

Developing our organisation

This was the second year of the Strategic Plan 2024–2030: A Common Cause: Thriving universities, service society. This has seen a shift in how we work, and what we work on. The thematic areas of work such as mental health, harassment and concordats have been passed to partner organisations who are experts in these areas allowing Universities UK to focus resources on the significant issues impacting the sector.

As part of our strategy to develop closer links to the communities we operate in, we have partnered with Camden Giving in London, and carried out fundraising activities including a quiz night and staff participating in challenge events raising funds for the local charity. This included £2,350 funds raised, volunteer engagement and donations of warm clothing to the homeless project at the Swiss church.

In June 2025, we ran our annual member survey to collect views from members on our work and ensure we are meeting the ambitions of our strategic plan. Results this year showed continued high satisfaction with Universities UK and our offer to the membership.

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

Looking forward – our priorities for 2025–26

The coming year is arguably going to be even more important in securing our universities’ and our nations’ future. Our programmes for 2025–26 are:

At Universities UK, we know that we need to develop our organisation to be:

There are also two internal programmes of work: equality, diversity and inclusion and organisation development programmes looking at people, processes and systems and equality impacts of our work. These programmes cover the following projects – development of a knowledge management strategy, review of line manager and leadership development tools, development of the road map to net zero, roll out of equality impact assessment tool and the further development of our ‘insight’ function.

We want Universities UK to be an exceptional membership organisation. We deliver with and for our members, making sure they and we have support and information we need to create thriving universities that serve society. We will do this in three ways:

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

Financial review

Review of position at the end of the year

The statement of financial activities for the year is set out on page 29 and the balance sheet on page 31 of the financial statements.

Consolidated income and expenditure for the year and position at the end of the year are summarised in the table below.

Income
Expenditure
Surplus/(defcit)
Transfers
Net movement in funds
Funds brought forward
Funds carried forward		 Unrestricted
activities
£’000
Restricted
activities
£’000
Total
2025
£’000
Total
2024
£’000
11,071
6,856
17,927
19,128
(10,828)
(7,820)
(18,648)
(14,561)
243
(964)
(721)
4,567
13
(13)
-
-
256
(977)
(721)
4,567
5,298
4,365
9,663
5,096
5,554
3,388
8,942
9,663

A consolidated deficit of £721,000 is reported for the financial year ended 31 July 2025 which is made up of a £977,000 restricted deficit and a £256,000 unrestricted surplus.

Unrestricted income in 2025 increased on last year to £11,071,000 (2024: £10,728,000).

Restricted income of £6,856,000 was lower than the 2024 level of £8,400,000. This income stream is variable in nature but notably in 2024 £1,600,000 was raised in relation to USS (levy and governance review).

The organisation’s net assets were £8,942,000 at 31 July 2025 (2024: £9,663,000). This decrease in assets is due to the transfer of the funds to UCEA in respect of the USS governance review.

Principal funding sources

Membership subscriptions provides 63% of the unrestricted income, and the balance comes from sales of goods and services (14%), conference receipts (11%), covenant income (7%), and investment and other income (5%). This income is used principally to support charitable activities, but also the cost of charged-for goods and services. Universities UK does not fundraise from the public and is therefore not registered with the Fundraising Regulator.

Significant events affecting financial performance and position

During the year £934,000 was transferred to UCEA for the review of USS governance completing the work to transfer the USS employer representative responsibilities to UCEA, making that organisation the strategic lead for pensions across the sector.

Like all other employers, the unexpected announcement to increase employers’ national insurance meant review of planned spend. The wider financial environment in the sector had impacts on our events programme attracting delegates decreasing our expected income in that area.

The external political environment created a need to find the resources to support reactive work – the protection of the graduate route, geopolitical events, responding to attacks on the value of higher education and developing support for a sector experiencing financial instability.

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Taking a forward look at our own financial strength, towards the end of the year we ran a voluntary severance scheme to strengthen our financial position going into 2025–26, so recognised severance payments in this year for six individuals.

Impact of material pension liability

The deficit recovery plan for the USS pension scheme first agreed in 2017 and updated following the 2020 valuation has, as a result of Financial Reporting Standard (FRS) 102, required a provision for the extra employer pension contributions required over the life of the plan. This has historically reduced reserves, though without any immediate impact on the cash position or on financial risk. In the prior year, the provision has been reversed and the related credit has reduced expenditure. The impact is dealt with in more detail in relation to the effect on performance against the reserves policy.

Fixed assets

The changes to intangible and tangible fixed assets during the year are shown in notes 12 and 13 to the financial statements.

Other interests

The long leasehold interest in Woburn House is owned by CVCP Properties plc, a business set up by the membership in 1995 for the purpose of acquiring the building. CVCP Properties plc also owns a central London residential flat which is let out at commercial rates with the revenue contributing to the annual covenant to Universities UK.

Investment policy

Universities UK plans strategically over a five-year time horizon and budgets annually to expend substantially all anticipated unrestricted income, subject to retaining a prudent amount in reserves. It has no permanent endowment and provides for capital expenditure from unrestricted reserves.

The Board of Trustees does not consider that it is necessary to accumulate and invest income for the longer term. Its investment policy is therefore to retain surplus funds as cash and place them on bank deposit and treasury reserve at the best rate consistent with a prudent treasury management policy. As a result, it is not appropriate for the organisation to adopt an ethical investment policy.

Principal risks and uncertainties

The UK Board, supported by the Audit and Risk Committee which carries delegated responsibility for risk management, keeps under review the strategic and operational risks facing the organisation and its subsidiaries together with the programmes and activities that help manage those risks effectively.

As a membership organisation, Universities UK’s principal risk is failing to respond adequately to developments in higher education policy and funding or to its members’ needs, which would risk damage to its reputation and influence and a possible loss of members and subscription revenue. Horizon scanning, member feedback mechanisms and monitoring member engagement levels are in place to minimise and mitigate this risk and other external financial and operational risks and uncertainties.

Specifically, potential policy divisions within the membership and Universities UK’s response to those are monitored via the Board, members’ meetings and the Policy Networks. Operational risks include inflationary pressures on our costs, the wellbeing of our staff with the demands on the organisation, IT systems, cyber security and the infrastructure of Woburn House, and strategies are in place to identify and mitigate those risks.

Reserves policy

The trustees have reviewed the requirements for free reserves (unrestricted reserves less any amounts designated or otherwise committed) in the light of the principal strategic and operating risks to the organisation, as outlined above. The nature and likely timing and financial impact of these risks are not considered to be either sufficiently immediate or material to warrant carrying higher reserves. Accordingly, the current target of four to six months of unrestricted expenditure is deemed appropriate as this would ensure sufficient funds are available to meet current commitments if income streams were erratic or exceptional expenditure was incurred.

Universities UK reports its results under the Charity SORP, based on revised UK Generally Accepted Accounting Practice (GAAP): FRS 102. This has a significant impact on free reserves as Universities UK has to provide for the present value of employer contributions to past service deficits in multi-employer defined benefit pension schemes previously accounted for solely as defined contribution schemes, and the cost of untaken staff leave. The trustees have considered the impact of this and agreed to focus on cash liquidity of assets and risk, so levels of reserves would be stated before and after the provisions required under FRS 102 (if applicable) but using levels before any provisions for operational and decisions making purposes.

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The impact of the reporting regime has been to reduce reported unrestricted reserves by £4.1m in 2023 and to cause Universities UK’s group free reserves to be just £16,000 at this point and therefore less than the target range of months of unrestricted expenditure. The trustees do not believe

the impact of FRS 102 to be significant as most of the provision is for extra pension payments that will be made over a number of years up to 2038. Following the March 2023 USS valuation this provision is no longer required and has been removed. The remaining provision is for the cost of unused leave.

Total unrestricted reserves
Under SORP (12 X A / C)
Less: committed to fxed assets
Under Universities UK policy (12 X B / D)
Months (target)
Free reserves under SORP (A)
Less: designated funds
Add back: pension and annual leave liabilities
Reserves for Universities UK policy purposes (B)
Total unrestricted expenditure (non-designated) (C)
Exclude: pension and annual leave credits
Unrestricted expenditure for Universities UK policy purposes (D)
Months of expenditure expressed in reserves:
Performance against reserves policy		 2025
£’000
2024
£’000
5,449
5,222
(895)
(835)
(791)
(739)
3,763
3,648
112
142
3,875
3,790
9,067
5,429
30
3,970
9,097
9,399
5
8
5.1
4.8
4.0 – 6.0
4.0 – 6.0

Political and charitable donations

The company made no political donations in the year (2024: nil). During the year, charitable donations made in lieu of buying and sending hard copy Christmas cards were £100 (2024: £600)

25 ©

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

Statement of Trustees’ responsibilities

The trustees (who are also directors of Universities UK for the purposes of company law) are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company and group for that period. In preparing these financial statements, the trustees are required to:

Audit information

So far as each of the trustees at the time the Trustees’ report is approved is aware:

Auditor

A scheduled review of audit provision will take place in the coming year.

The Trustees’ report is approved by the trustees of the charity. The Strategic report, which forms part of the Trustees’ report, is approved by the trustees in their capacity as directors in company law of the Charity.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Vivienne Stern MBE Chief Executive

Professor Nic Beech Treasurer

21 November 2025

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

Independent auditor’s report to the members of Universities UK

Opinion

We have audited the financial statements of Universities UK for the year ended 31 July 2025 which comprise the Consolidated Statement of Financial Activities, the Charity statement of financial activities, the Consolidated Balance Sheet, the Consolidated Statement of Cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Report (incorporating the Strategic report). Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report (which incorporates the strategic report and the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charity Accounts (Scotland) Regulations (as amended) require us to report to you if, in our opinion:

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 25, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the group and the environment in which it operates. We considered laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011, income tax, payroll tax and sales tax.

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Audit procedures performed by the engagement team included:

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company’s members 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 the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements 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.

Thomas Wilson, Senior Statutory Auditor For and on behalf of HaysMac LLP, Statutory Auditor

10 Queen Street Place

London

EC4R 1AG Date: 27 November 2025

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

Consolidated statement of financial activities – year ended 31 July 2025

Income and expenditure
Income from:
Expenditure on:
Donations
Raising funds
Charitable activities
Charitable activities
Other trading activities
Investments
Other income
Total
Total
Net income
Transfers between funds
Net movements in funds
Total funds at 1 August 2024
Total funds at 31 July 2025		 Notes Total Funds
2025
£’000
Unrestricted
Funds
£’000
Restricted
Funds
£’000
Total Funds
2024
£’000
2
3
4
7
19
19		 733
629
15,068
16,325
1,686
1,636
430
529
10
9
733
8,423
1,590
325
-
-
6,645
96
105
10
11,071
6,856
17,927
19,128
1,025
924
17,623
13,637
931
9,897
94
7,726
10,828
7,820
18,648
14,561
243
13
(964)
(13)
(721)
-
4,567
-
256
5,298
(977)
4,365
(721)
4,567
9,663
5,096
5,554
3,388
8,942
9,663

All activities are continuing. There are no gains or losses other than those disclosed in the consolidated statement of financial activities.

The notes on pages 33 to 58 form part of these financial statements.

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

Charity statement of financial activities for the year ended 31 July 2025

Income and expenditure
Income from:
Expenditure on:
Donations
Raising funds
Charitable activities
Charitable activities
Other trading activities
Investments
Other income
Total
Total
Net income
Net movements in funds
Total funds at 1 August 2024
Total funds at 31 July 2025		 Notes Total Funds
2025
£’000
Unrestricted
Funds
£’000
Restricted
Funds
£’000
Total Funds
2024
£’000
2
3
4
7
19		 1,326
1,262
12,385
13,700
197
156
315
412
-
1
1,326
8,423
197
315
-
-
3,962
-
-
-
10,261
3,962
14,223
15,531
137
74
14,766
11,048
137
9,897
-
4,869
10,034
4,869
14,903
11,122
227
(907)
(680)
4,409
227
5,222
(907)
1,464
(680)
4,409
6,686
2,277
5,449
557
6,006
6,686

All activities are continuing. There are no gains or losses other than those disclosed in the consolidated statement of financial activities.

The notes on pages 33 to 58 form part of these financial statements.

31 O

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

Balance sheets as at 31 July 2025

Group Group Charity Charity Charity
Notes 2025 2024 2025 2024
£’000 £’000 £’000 £’000
Fixed assets
Intangible fixed assets 12 91 78 57 74
Tangible fixed assets 13 341 239 237 160
Investments 14 600 600 600 600
1,032 917 894 834
Current assets
Debtors
- due within one year
- due after more than one year		 2,192
2,033
750
750
Le		 2,494
2,489
750
750
LL
15 2,942 2,783 3,244 3,239
Investments – short term deposits 5,361 6,888 3,211 4,738
Cash at bank and in hand 2,240 1,930 683 215
10,543 11,601 7,138 8,192
Liabilities
Creditors: amounts falling
due within one year 16 (2,633) (2,855) (2,026) (2,340)
Net current assets 7,910 8,746 5,112 5,852
Total assets less current liabilities 8,942 9,663 6,006 6,686
Total net assets 8,942 9,663 6,006 6,686
Funds and reserves
Restricted funds 3,388 4,365 557 1,464
Unrestricted funds 5,449 5,222 5,449 5,222
Non-charitable trading funds 105 76 - -
Total funds 19 8,942 9,663 6,006 6,686

Approved by the Board of Directors and authorised for issue on 21 November 2025. Signed on their behalf:

Vivienne Stern MBE Professor Nic Beech Chief Executive Treasurer

Company Number: 2517018

The notes on pages 33 to 58 form part of these financial statements.

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

Consolidated cash flow statement for the year ended 31 July 2025

Net (expenditure)/income for the year
Cash fows from operating activities
Interest income
Depreciation and amortisation charges
Cash fows for investing activities
(Increase)/decrease in debtors
Decrease in creditors
Interest income
Purchase of fxed assets
Net cash used in operating activities
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 August
Cash and cash equivalents at 31 July
Cash and cash equivalents at 31 July is made up of:
Investments – short term deposits
Cash at bank and in hand
Total cash and cash equivalents
a Reconciliation of net expenditure to net cash
fow from operating activities
b Statement of cash fows		 Net (expenditure)/income for the year
Cash fows from operating activities
Interest income
Depreciation and amortisation charges
Cash fows for investing activities
(Increase)/decrease in debtors
Decrease in creditors
Interest income
Purchase of fxed assets
Net cash used in operating activities
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 August
Cash and cash equivalents at 31 July
Cash and cash equivalents at 31 July is made up of:
Investments – short term deposits
Cash at bank and in hand
Total cash and cash equivalents
a Reconciliation of net expenditure to net cash
fow from operating activities
b Statement of cash fows		 2025
£’000
2024
£’000
(430)
(529)
(721)
4,567
146
150
(159)
4
(222)
(3,785)
(1,386)
407
(1,386)
407
430
529
(261)
(93)
169
436
(1,217)
843
8,818
7,975
7,601
8,818
5,361
6,888
2,240
1,930
7,601
8,818
Cash
Analysis of changes in net funds:
Investments – short term deposits
Total net funds		 At 1
August 2024
£’000		 At 31 July
2025
£’000
Cash
fows
£’000
1,930
6,888		 2,240
5,361
310
(1,527)
8,818 7,601
(1,217)

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

Notes to the financial statements – year ended 31 July 2025

1. Principal accounting policies

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Universities UK meets the definition of a public benefit entity under FRS 102. It is a company limited by guarantee and is incorporated in the UK. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The consolidated financial statements incorporate the results of Universities UK and its subsidiaries, Woburn House Conference Centre Ltd, Medical Schools Council and MSC Assessment.

a. Critical accounting judgements and estimates

In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the charity’s accounting policies and the reported assets, liabilities, income and expenditure and the disclosures made in the financial statements. Estimates and judgements are continually evaluated and are based on historic experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The liability in respect of the pension deficit recovery plan (if applicable) has been calculated using key assumptions concerning future payroll growth and the discount rate (see note 23).

The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. The trustees have reviewed financial position, reserves levels and future plans and this has given the trustees confidence that the charity remains a going concern into the future.

Income from donations and grants (including government grants) is recognised when there is evidence of entitlement, receipt is probable and its amount can be measured reliably.

Subscriptions are recognised over the period to which they relate.

Conference fee and other trading income is recognised on an accruals basis.

Investment income is credited in the period in which it is earned.

d. Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs relating to that category. Where costs cannot be directly attributable to a particular heading, they have been allocated to activities on a basis consistent with the use of the resource.

Direct costs, including directly attributable salaries, are allocated on the basis of time to the key strategic areas of activity.

Overheads and other salaries are allocated between activities on the bases of usage, ie the same basis as expenditure incurred directly in undertaking the activity.

Governance costs are those incurred in connection with the management of Universities UK’s assets, the organisation’s administration and compliance with constitutional and statutory requirements.

Unconditional grants payable are charged to the statement of financial activities in the year in which they are communicated to the recipient as at that time a valid expectation has been created that the grants will be paid. Conditional grants are charged on a similar basis when conditions fall outside the control of the charity. Any unpaid amounts are shown as liabilities at the balance sheet date.

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

e. Intangible and tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. A full year’s depreciation is charged in the year of acquisition and none in the year of disposal.

Leasehold improvements assets are stated at cost less depreciation. A full year’s depreciation is charged in the year the asset is brought into use and none in the year of disposal.

The rates of depreciation are as follows:

Furniture and equipment: between four and ten years

Computer equipment: over three years Website development and IT systems: over four years

Leasehold improvements: over the life of the lease

Universities UK capitalisation policy is to capitalise individual assets costing over £2,500.

f. Investments

Unlisted investments held as fixed assets are stated at cost, as permitted by FRS 102.

g. Cash and cash equivalents

Surplus cash funds are held on deposit for up to a year in order to achieve a better rate of interest.

h. Financial instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Liabilities are recognised on an accruals basis. Loans receivable are measured initially at fair value and are measured subsequently at amortised cost using the effective interest method.

i. Creditors and provisions

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

j. Debtors

Short term debtors are measured at transaction price, less any impairment.

k. Operating leases

Rental costs under operating leases are charged to the statement of financial activities in equal amounts over the period of the lease.

l. Employee benefits

Short term benefits

Short term benefits including holiday pay are recognised as an expense in the period in which the service is received.

Employee termination benefits

Termination benefits are accounted for on an accruals basis and in line with FRS 102.

m. Pensions

Universities UK participates in the Universities Superannuation Scheme (USS) and Superannuation Arrangements of the University of London (SAUL).

Employees who commenced employment and joined SAUL for the first time after 1 April 2023 are enrolled into a new Defined Contribution section of the scheme for the first three years of membership.

Both USS and SAUL pension schemes are multi-employer schemes, with the assets held in separate trustee-administered funds. The funds are valued every three years by a professionally qualified independent actuary using the projected unit method, the rates of contribution payable being determined by the trustees on the advice of the actuary. In the intervening years the actuary reviews the progress of the scheme.

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

Because of the mutual nature of the schemes, the schemes’ assets are not hypothecated to individual institutions and scheme-wide contribution rates are set. Universities UK is therefore exposed to actuarial risks associated with members employed at other participating employers in the schemes and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis and therefore, as required by Section 28 of FRS 102 “Employee benefits”, accounts for the schemes as if they were defined contribution schemes.

As a result, the amount charged to income and expenditure through the Statement of Financial Activities represents the contributions payable to the schemes in respect of the accounting period.

Given the mutual nature of the schemes, participating employers are not expected to be liable for any other current participating employer’s obligations, but in the event of an insolvency of any participating employer within each scheme, an amount of any pension shortfall which cannot otherwise be recovered in respect of that employer, may be spread across the remaining participating employers and reflected in the next actuarial valuation.

Since Universities UK has entered into an agreement to participate in a deficit recovery plan for USS, it now also recognises a liability (if applicable) under FRS 102 for the future contributions payable that arise from this agreement to the extent that they relate to the deficit and the resulting expense in the statement of financial activities. As there was a Technical Provisions surplus at 31 March 2023, no deficit contributions were required and there is no defined benefit liability. The provision was unwound in full on 1 January 2024.

n. Universities Scotland and Universities Wales

The funds of these National Councils are included within the designated unrestricted funds of Universities UK. In line with the group reserves policy, the year end fund balances are expected to be utilised within four to six months.

2. Donations

CVCP Properties plc is a company owned by 99 higher education institutions, whose executive heads are members of Universities UK. Universities UK is also a shareholder, owning all 550,000 preference shares and 50,000 (1%) of its ordinary shares. The company owns two leasehold properties and the net profits from its activities are covenanted annually to Universities UK. Covenanted income receivable during the year from CVCP Properties plc was £732,960 (2024: £628,650). Other transactions with CVCP Properties plc are included in note 24.

Covenanted income receivable during the year from Woburn House Conference Centre was £593,072 (2024: £633,540).

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

3. Income from charitable activities

Subscriptions from membership
Subscriptions from membership
Group
Charity
Grants and contracts
Grants and contracts
Conference income
Conference income		 Total
2025
£’000
Total
2024
£’000
Restricted
Funds
£’000
Restricted
Funds
£’000
Unrestricted
Funds
£’000
Unrestricted
Funds
£’000
9,947
11,084
2,926
4,231
7,021
6,853
3,875
4,126
3,719
3,916
156
210
1,246
1,115
-
-
1,246
1,115
15,068
16,325
6,645
8,147
8,423
8,178
7,812
9,055
791
2,202
7,021
6,853
3,327
3,530
3,171
3,320
156
210
1,246
1,115
-
-
1,246
1,115
12,385
13,700
3,962
5,522
8,423
8,178

See notes 5 and 6 for further analysis.

4. Other trading activities

Trading activities relate principally to Woburn House Conference Centre Ltd, a subsidiary. They are stated net of intra-group trading.

5. Subscriptions from membership

Universities UK
Universities Scotland
Universities Wales
Medical Schools Council
Charity
MSC Assessment
Group		 Total
2025
£’000
Total
2024
£’000
Restricted
Funds
£’000
Restricted
Funds
£’000
Unrestricted
Funds
£’000
Unrestricted
Funds
£’000
5,811
7,218
-
1,541
5,811
5,677
816
744
150
97
666
647
1,185
1,093
641
564
544
529
1,944
7,812
1,833
9,055
191
196
1,944
791
1,833
2,202
191
196
-
7,021
-
6,853
-
-
9,947
11,084
2,926
4,231
7,021
6,853

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

6. Grants and contracts

Taith
DSIT
Research England
Medr/Higher Education
Funding Council for Wales
FCDO
Scottish Funding Council
Scottish Government
London Higher
Conservatoires UK
Northern Consortium
British Council
UCAS
University of Pennsylvania
Department for the Economy
UK Research and Innovation
Study Group UK
The Culture Capital Exchange
Ofce for Students
Other organisations
The Wellcome Trust
Welsh Government
All Party Parliamentary
University Group
Charity
NHS England *
Other organisations
Group		 Total
2024
£’000
Restricted
Funds
£’000
Unrestricted
Funds
£’000
Total
2025
£’000
Restricted
Funds
£’000
Unrestricted
Funds
£’000
2,018
88
533
174
236
141
53
50
48
-
14
5
12
11
50
21
13
7
5
2,018
88
533
174
236
141
53
-
33
-
14
-
-
11
-
-
-
7
5
-
-
-
-
-
-
-
50
15
-
-
5
12
-
50
21
13
-
-
1,183
463
413
222
139
100
66
50
50
30
27
27
12
11
-
-
-
-
7
1,183
463
413
222
139
100
66
-
34
30
27
-
-
11
-
-
-
-
2
-
-
-
-
-
-
-
-
-
190
190
-
-
50
-
-
-
279
279
-
16
-
-
27
51
7
44
58
12
46
12
-
-
-
-
-
5
3,530
556
40
3,320
556
40
210
-
-
3,327
523
25
3,171
523
25
156
-
-
4,126
3,916
210
3,875
3,719
156

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

7. Total resources expended

Cost of raising funds
Cost of raising funds
Group
Charity
Charitable activities
Charitable activities
Activities for members
Activities for members
Core (see split below)
Core (see split below)
Conferences
Conferences
Medical & health
Exam delivery
Total activities for members
Total activities for members
Total resources expended
Total resources expended
Split of core activities
Group and charity
England, NI and UK-wide
International
Universities Wales
Universities Scotland
Total resources expended		 Total
2024
£’000
Support
costs
£’000
Direct
costs
£’000
Total
2025
£’000
Support
costs
£’000
Direct
costs
£’000
924
10,315
733
1,363
1,226
40
3,243
149
142
88
884
7,072
584
1,221
1,138
1,025
13,808
958
1,572
1,285
46
3,311
150
149
76
979
10,497
808
1,423
1,209
13,637
3,622
10,015
17,623
3,686
13,937
14,561
3,662
10,899
18,648
3,732
14,916
74
10,315
733
17
3,243
149
57
7,072
584
137
13,808
958
17
3,311
150
120
10,497
808
11,048
3,392
7,656
14,766
3,461
11,305
11,122
3,409
7,713
14,903
3,478
11,425
3,774
4,225
1,241
1,075
2,726
161
192
164
1,048
4,064
1,049
911
7,424
3,916
1,342
1,126
2,792
186
165
168
4,632
3,730
1,177
958
10,315
3,243
7,072
13,808
3,311
10,497

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

8. Support costs allocations

Trading activities: costs of
goods sold and other costs
Trading activities: costs of
goods sold and other costs
Charity
Group
Charitable activities
Charitable activities
Core
Core
Conferences
Conferences
Medical and health
Exam delivery
Total resources
Total resources		 Total
2025
£’000
Other
£’000
Finance,
HR, IT
£’000
Deprecia-
tion
£’000
Govern-
ance
£’000
Premises
£’000
46
3,311
150
149
76
2
568
26
43
-
8
1,399
63
38
9
26
101
5
14
-
5
203
9
13
21
5
1,040
47
41
46
3,732
639
1,517
146
251
1,179
17
3,311
150
2
568
26
8
1,399
63
1
101
5
1
203
9
5
1,040
47
3,478
596
1,470
107
213
1,092
Trading activities: costs of
goods sold and other costs
Trading activities: costs of
goods sold and other costs
Group
Charity
Charitable activities
Charitable activities
Core
Core
Conferences
Conferences
Medical and health
Exam delivery
Total resources
Total resources		 Total
2024
£’000
Other
£’000
Finance,
HR, IT
£’000
Deprecia-
tion
£’000
Govern-
ance
£’000
Premises
£’000
40
3,243
149
142
88
2
563
26
46
-
7
1,218
56
37
19
20
119
5
6
-
5
195
9
11
20
6
1,148
53
42
49
3,662
637
1,337
150
240
1,298
17
3,243
149
2
563
26
7
1,218
56
1
119
5
1
195
9
6
1,148
53
3,409
591
1,281
125
205
1,207

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

8. Support costs allocations continued

Governance costs are made up of the following:
Staf costs
External audit
Other professional fees
Meeting costs and expenses
Auditor’s remuneration:
Other direct costs include:
For audit services
For other services
Operating lease rentals:
Land and buildings
Ofce and equipment		 Total
2024
£’000
Total
2025
£’000
177
176
39
35
5
9
30
20
251
240
37
35
6
7
664
677
5
3

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

9. Analysis of staff costs

Total staf costs including full and part-time employees were:
Wages and salaries
Social security costs
Other pension costs
FRS 102 USS pension adjustment
Termination payments		 Total
2024
£’000
Total
2025
£’000
8,106
8,038
949
860
1,637
-
1,795
(4,037)
155
97
10,847
6,753

Movements on the USS deficit recovery plan provision (see note 23) are shown as a separate line above. The charity was no longer required to make deficit recovery contributions from 1 January 2024 and accordingly released the outstanding provision to the statement of financial activities.

The average number of employees throughout the year was:
Charitable activities
Support staf
Trading activities – Woburn House Conference Centre Ltd		 2024
no.
2025
no.
136
21
5
137
24
4
162
165

The number of employees whose emoluments exceeded £60,000 (excluding employer’s pension contributions) was 43 (2024: 41).

£60,001–£70,000
£70,001–£80,000
£80,001–£90,000
£90,001–£100,000
£100,001–£110,000
£130,001–£140,000
£140,001–£150,000
£150,001–£160,000
£160,001–£170,000		 2024
no.
2025
no.
16
11
8
1
2
1
1
1
-
18
8
8
2
5
-
-
1
1

The total employer pension contributions for these staff were £461,960 (2024: £507,848).

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

10. Trustees’ emoluments and emoluments of other key management personnel

No trustees received any remuneration for their services.

During the year, £24,392 in travel and accommodation expenses were reimbursed to the institution of one trustee. (2024: £17,243).

The total employee benefits of the Senior Leadership Team who are considered to be key management personnel (in addition to trustees) was:

Wages and salaries
Social security costs
Other pension costs		 2024
£’000
2025
£’000
868
96
133
809
102
113
1,097
1,024

The Senior Leadership comprises the Chief Executive and Directors of Policy; Strategy, Insight and Member Engagement; Universities UK International; Communications; Operations; Universities Scotland and Universities Wales. Between May 2023 and February 2025 the Director of Policy was on an inward secondment and costs are not included above.

11. Taxation

The charity is exempt from corporation tax under Sections 466–497 of the Corporation Taxes Act 2010 as all its income is applied to charitable purposes.

12. Intangible fixed assets

Cost
At 1 August 2024
Additions
Depreciation
At 1 August 2024
Charge for year
At 31 July 2025
Net book value
At 31 July 2025
At 31 July 2024
At 31 July 2025
Website development and software		 Charity
£’000
Group
£’000
263
19
404
60
282
464
189
36
326
47
225
373
57
91
74
78

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

13. Tangible fixed assets

Cost
Depreciation
Group
At 1 August 2024
At 1 August 2024
Additions
Charge for year
Net book value
Written of
Written of
At 31 July 2025
At 31 July 2025
At 31 July 2025
At 31 July 2024
Cost
Depreciation
Charity
At 1 August 2024
At 1 August 2024
Additions
Charge for year
Net book value
Written of
Written of
At 31 July 2025
At 31 July 2025
At 31 July 2025
At 31 July 2024		 Total
£’000
Ofce
Technology
£’000
Furniture
& Equipment
£’000
Leasehold
Improvements
£’000
950
201
(20)
147
157
(20)
276
44
-
527
-
-
1,131
284
320
527
711
99
(20)
85
33
(20)
207
21
-
419
45
-
790
98
228
464
341
239
186
62
92
69
63
108
665
147
(20)
78
147
(20)
60
-
-
527
-
-
792
205
60
527
505
70
(20)
56
20
(20)
30
5
-
419
45
-
555
56
35
464
237
160
149
22
25
30
63
108

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

14. Investments held as fixed assets

CVCP Properties plc ordinary shares of £1 each
CVCP Properties plc preference shares of £1 each
Group and charity		 Total
2024
£’000
Total
2025
£’000
50
550
50
550
600
600

CVCP Properties plc is an unquoted company and the shares are stated at cost.

15. Debtors

Trade debtors
Amounts due from subsidiary undertakings
Other debtors
Prepayments and accrued income
Loan		 Charity
Group
2024
£’000
2025
£’000
2024
£’000
2025
£’000
429
922
676
462
750
409
884
771
430
750
763
-
676
594
750
782
-
771
639
750
3,239
3,244
2,783
2,942

The £750,000 loan is due for repayment within five years, and no later than 25 November 2026. The loan is secured by way of a fixed charge over the Woburn House building. Interest is payable on the loan at 3% above National Westminster Bank plc base rate.

16. Creditors: amounts falling due within one year

Trade creditors
Amounts due to subsidiary undertakings
Taxation and social security
Other creditors
Accruals
Deferred income		 Charity
Group
2024
£’000
2025
£’000
2024
£’000
2025
£’000
514
17
385
145
331
948
402
21
401
266
337
599
772
-
385
145
577
976
789
-
401
266
548
629
2,340
2,026
2,855
2,633

At the year end outstanding pension contributions amounted to £138,199 (2024: £139,062).

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

17. Deferred income

Brought forward
Released in the year
Deferred in the year
Carried forward		 Charity
Group
2024
£’000
2025
£’000
2024
£’000
2025
£’000
667
(667)
948
948
(948)
599
717
(717)
976
976
(976)
629
948
599
976
629

Deferred income comprises membership subscriptions received in advance, grant income deferred when conditions exist which prevent recognition of the income, and income received for future events and conferences.

18. Operating lease commitments

The group and charity have the following future minimum lease payments under non-cancellable operating leases for each of the following periods:

Land and buildings:
Within one year
Between one and fve years
Ofce equipment:
Within one year
Between one and fve years
Group
Charity
Land and buildings:
Within one year
Between one and fve years
Ofce equipment:
Within one year
Between one and fve years		 Total
2024
£’000
Total
2025
£’000
646
813
1
-
693
225
4
14
1,460
936
600
752
-
-
647
210
1
2
1,352
860

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

19. Movement in funds

Unrestricted funds
Group and charity
Investment fund (see note 14)
General funds
Universities Scotland /
Universities Wales (see note 1(n))
Restricted funds
Universities UK International
Ukraine Twinning
Ukraine UKRI/RE
Israel research mobility
ISPF France
ISPF Korea
Wellcome
Northern Consortium
Global Wales II + 1
Global Wales III
India Scholarship
Universities Wales International
Welsh Innovation Network (WIN)
WREC network
Research Ireland
Future International
Research Foundation Flanders
WHEB
US International
Future Funding
HE Assets report
Branding Subgroup
USS Governance review
Other
Charity		 At 31
July 2025
£’000
Transfers
£’000
Resources
expended
£’000
Incoming
resources
£’000
At 1 Aug
2024
£’000
600
4,058
791
-
(546)
559
-
(7,656)
(1,762)
-
8,377
1,255
600
3,883
739
5,449
13
(9,418)
9,632
5,222
-
-
-
-
-
-
-
-
24
2
10
57
151
-
32
26
8
87
7
54
17
81
-
1
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(525)
(139)
(12)
(43)
(116)
(305)
(190)
(30)
(4)
(1,287)
-
(4)
(457)
(47)
(218)
(93)
(16)
(215)
(139)
-
-
(16)
(935)
(78)
525
139
(12)
43
116
305
190
30
-
1,183
-
-
471
25
250
100
24
235
106
54
17
97
-
64
-
-
24
-
-
-
-
-
28
106
10
61
137
22
-
19
-
67
40
-
-
-
935
15
557
-
(4,869)
3,962
1,464

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

19. Movement in funds continued

Medical Schools Council
Medical Licensing Assessment
University Hospital Association
Dental Schools Council
Pharmacy Schools Council
Association of Dental Hospitals
Summer School
MSC Assessment
Group
Non-charitable trading funds
Group – total funds		 At 31
July 2025
£’000
Transfers
£’000
Resources
expended
£’000
Incoming
resources
£’000
At 1 Aug
2024
£’000
1,386
356
-
241
118
83
-
647
(2)
(3)
-
(1)
(1)
-
-
(6)
(602)
(1,085)
(273)
(152)
(117)
(44)
(477)
(201)
627
1,267
5
142
106
69
477
201
1,363
177
268
252
130
58
-
653
3,388
105
(13)
-
(7,820)
(1,410)
6,856
1,439
4,365
76
8,942
-
(18,648)
17,927
9,663

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

19. Movement in funds continued

Unrestricted funds
Group and charity
Investment fund (see note 14)
General funds
Universities Scotland /
Universities Wales (see note 1(n))
Restricted funds
Universities UK International
Ukraine Twinning
Ukraine UKRI/RE
Israel research mobility
Global Wales II + 1
Global Wales III
Vietnam Partnership
India Scholarship
Universities Wales International
Welsh Innovation Network (WIN)
WREC network
Future International
WHEB
US International
Branding Subgroup
USS Pensions reform
USS Governance review
KE Concordat
Research development Concordat
Other
Charity		 At 31
July 2024
£’000
Transfers
£’000
Resources
expended
£’000
Incoming
resources
£’000
At 1 Aug
2023
£’000
600
3,883
739
-
(505)
518
-
(4,008)
(1,795)
-
8,068
1,214
600
328
802
5,222
13
(5,803)
9,282
1,730
-
-
24
-
28
106
-
10
61
137
22
19
67
40
-
-
935
-
-
15
-
-
-
-
16
-
(16)
-
-
-
-
-
-
-
-
-
-
-
-
-
(515)
(236)
(69)
(88)
(66)
(1,912)
(28)
-
(2)
(496)
(3)
(31)
(163)
(118)
(98)
(663)
(2)
(48)
(58)
(68)
515
236
54
88
-
2,018
5
-
-
394
25
50
230
133
97
663
937
48
22
66
-
-
39
-
78
-
39
10
63
239
-
-
-
25
1
-
-
-
36
17
1,464
-
(4,664)
5,581
547

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

19. Movement in funds continued

Medical Schools Council
Medical Licensing Assessment
University Hospital Association
Dental Schools Council
Pharmacy Schools Council
Association of Dental Hospitals
Summer School
MSC Assessment
Group
Non-charitable trading funds
Group – total funds		 At 31
July 2024
£’000
Transfers
£’000
Resources
expended
£’000
Incoming
resources
£’000
At 1 Aug
2023
£’000
1,363
177
268
252
130
58
-
653
(2)
(3)
-
(1)
(1)
-
-
(6)
(638)
(986)
(58)
(117)
(83)
(38)
(511)
(239)
619
1,064
135
144
92
51
511
203
1,384
102
191
226
122
45
-
695
4,365
76
(13)
-
(7,334)
(1,424)
8,400
1,446
3,312
54
9,663
-
(14,561)
19,128
5,096

Transfers during the year between funds relate to contributions made from unrestricted monies to restricted funds for specific projects, where there are insufficient restricted funds available to meet expenditure or where the charity is committed to contributing towards projects from its own resources.

Background information on each of the restricted funds is set out below:

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

19. Movement in funds continued

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

19. Movement in funds continued

20. Allocation of net assets between funds

The net assets held for various funds are as follows:

Fixed assets
Investments
Current assets
Current liabilities
Group total net assets		 2025
Total
£’000
Non-charitable
trading funds
£’000
Unrestricted
funds
£’000
Restricted
funds
£’000
432
600
105
-
295
600
32
-
1,032
10,543
(2,633)
105
884
(884)
895
5,669
(1,115)
32
3,990
(634)
8,942
105
5,449
3,388
Fixed assets
Investments
Current assets
Current liabilities
Group total net assets		 2024
Total
£’000
Non-charitable
trading funds
£’000
Unrestricted
funds
£’000
Restricted
funds
£’000
317
600
74
-
235
600
8
-
917
11,601
(2,855)
74
855
(853)
835
5,876
(1,489)
8
4,870
(513)
9,663
76
5,222
4,365

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

21. Subsidiaries

Woburn House Conference Centre Ltd

The charity owns 100% of the share capital of Woburn House Conference Centre Ltd, a company limited by shares (company number 03031467). The company is incorporated in the UK and registered at Woburn House, 20 Tavistock Square, London, WC1H 9HQ.

The £2 cost of the investment has been written down to zero in the accounts of the parent company. The trading activity of Woburn House Conference Centre Ltd is the management of the conference centre and meeting rooms at Woburn House. The results and financial position of Woburn House Conference Centre Ltd are consolidated with those of Universities UK in preparing the consolidated accounts.

A summary of the trading results for the year ended 31 July 2025 and 2024, and the aggregate amount of the assets, liabilities, share capital and reserves as at 31 July of each year are shown. Audited accounts have been filed with the Registrar of Companies.

Turnover
Cost of sales
Gross proft
Administration costs
Staf costs
Operating proft
Interest receivable
Proft on ordinary activities before taxation
Taxation
Proft on ordinary activities after taxation
Gift aid payment to Universities UK
Retained proft carried forward
Proft and loss account		 Total 2025
£
Total 2024
£
1,590,273
1,605,874
(641,060)
(654,992)
949,213
950,882
(73,753)
(62,252)
(263,806)
(246,779)
611,654
641,851
10,213
13,361
621,867
655,212
-
-
621,867
655,212
(593,072)
(633,540)
28,795
21,672
Fixed assets
Current assets
Creditors: amounts falling due within one year
Net current assets / (liabilities)
Total net assets
Represented by:
Share capital
Proft and loss account
Balance sheet		 Total 2025
£
Total 2024
£
104,853
74,215
883,902
849,776
(883,811)
(847,842)
91
1,934
104,944
76,149
2
2
104,942
76,147
104,944
76,149

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

21. Subsidiaries continued

Medical Schools Council

Universities UK is also the holding member of the Medical Schools Council, a company limited by guarantee (company number 8817383) and registered with the Charity Commission (number 1155370). The company is incorporated in the UK and registered at Woburn House, 20 Tavistock Square, London, WC1H 9HD.

The objects of the Medical Schools Council are to promote, encourage and develop medical schools in the UK and thereby advance education for the public benefit, in particular (but without limitation) medical education, research and training.

A summary of income and expenditure for the year to 31 July 2025 and 2024, and the aggregate amount of the assets, liabilities, share capital and reserves as at 31 July of each year are shown below. Audited accounts have been filed with the Registrar of Companies.

Unrestricted funds and free reserves at 31 July 2025 were £1.4m (2024 free reserves: £1.4m) which is equal to 28 months of unrestricted expenditure (2024: 26 months). This is in line with the organisation’s reserves policy.

Income
Expenditure
(Defcit)/surplus
Income and expenditure account
Assets
Liabilities
Net assets
Balance sheet		 Total 2025
£
Total 2024
£
2,692,800
2,615,333
(2,756,090)
(2,437,950)
(63,290)
177,383
2,785,035
2,843,414
(600,657)
(595,746)
2,184,378
2,247,668

MSC Assessment

The Medical Schools Council is the parent of MSC Assessment, a company limited by guarantee (company number 8578576) and registered with the Charity Commission (number 1153045). The company is incorporated in the UK and registered at Woburn House, 20 Tavistock Square, London, WC1H 9HD.

The objects of MSC Assessment are to advance medical education for the benefit of the public including, without limitation, by the preparation, validation, accreditation, conduct and administration of any tests, examinations or other systems of assessing, evaluating and recording any aspect of medical education and training.

A summary of the income and expenditure for the year to 31 July 2025 and 2024, and the aggregate amount of the assets, liabilities, share capital and reserves as at 31 July of each year is shown below. Audited accounts have been filed with the Registrar of Companies.

Income
Expenditure
Net expenditure
Income and expenditure account
Assets
Liabilities
Net assets
Balance sheet		 (42,263)
Total 2025
£
Total 2024
£
200,950
203,340
(207,102)
(245,603)
(6,152)
675,617
718,450
(29,039)
(65,720)
646,578
652,730

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

22. Conduit funding

Funds received in advance b/fwd
Amount received
Amount paid out
Funds received in advance c/fwd		 2025
£
2024
£
-
19,921
217,425
201,434
(217,425)
(221,355)
-
-

Amounts received and dispersed to universities on behalf of the UK-Ukraine R&I Twinning Grants Scheme and MITACS for Globalink Research Internships.

Certain trustees are Vice Chancellors of institutions in receipt of grants.

23. Pension

Universities UK participates in the Universities Superannuation Scheme and Superannuation Arrangement of the University of London. Both schemes are a combination of defined benefit (DB) and defined contribution (DC).

The employer contribution rate for the USS DB and DC pension schemes was 14.5% from 1 January 2024 onwards (from 21.6%). The employer contribution rate for the SAUL DB pension scheme was 19% from 1 September 2024 (from 21%). The employer contribution rate for the SAUL DC pension scheme was 16%.

Group contributions for the year to 31 July 2025
Summary
Active members at 31 July 2025
Group contributions for the year to 31 July 2024
Active members at 31 July 2024		 SAUL
USS
£510,708
59
£531,444
59
£1,117,562
90
£1,261,992
93

Universities Superannuation Scheme (USS)

The latest available complete actuarial valuation of the Retirement Income Builder is at 31 March 2023 (the valuation date), which was carried out using the projected unit method.

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

A deficit recovery plan was put in place as part of the 2020 valuation, which required payment of 6.2% of salaries over the period 1 April 2022 until 31 March 2024, at which point the rate would increase to 6.3%. No deficit recovery plan was required under the 2023 valuation because the scheme was in surplus on a technical provisions basis. The charity was no longer required to make deficit recovery contributions from 1 January 2024 and accordingly released the outstanding provision to the statement of financial activities. (see note 18).

The 2023 valuation was the seventh valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to have sufficient and appropriate assets to cover their technical provisions. At the valuation date, the value of the assets of the scheme was £73.1 billion and the value of the scheme’s technical provisions was £65.7 billion indicating a surplus of £7.1 billion and a funding ratio of 111%.

The key financial assumptions used in the 2023 valuation are set out in Statement of Funding Principles. At 31 March 2025, USS had 233,937 (2024: 232,360) members.

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

23. Pension continued

Superannuation Scheme of the University of London (SAUL)

SAUL’s statutory funding objective is to have sufficient and appropriate assets to meet the costs incurred by the Trustee in paying SAUL’s benefits as they fall due (the “Technical Provisions”). The Trustee adopts assumptions which, taken as a whole, are intended to be sufficiently prudent for pensions and benefits already in payment to continue to be paid and for the commitments which arise from Members’ accrued pension rights to be met.

The Technical Provisions assumptions include appropriate margins to allow for the possibility of events turning out worse than expected. However, the funding method and assumptions do not completely remove the risk that the Technical Provisions could be insufficient to provide benefits in the future.

A formal actuarial valuation of SAUL is carried out every three years by a professionally qualified and independent actuary. The last actuarial valuation was carried out with an effective date of 31 March 2023. Informal reviews of SAUL’s position, reflecting changes in market conditions, cash flow information and new accrual of benefits, are carried out between formal valuations.

The funding principles were agreed by the Trustee and employers in June 2024 and will be reviewed again at SAUL’s next formal valuation in 2026.

At the 31 March 2023 valuation SAUL was 105% funded on its Technical Provisions basis. As SAUL was in surplus on its Technical Provisions basis, no deficit contributions were required. The Trustee and the Employers have agreed that the ongoing Employers’ contributions will fall from a rate of 21% of CARE salaries to 19% of CARE salaries from 1 September 2024.

At 31 March 2025, SAUL had 92,471 (2024: 87,244) members.

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

24. Related party transactions

Related party transactions are disclosed for CVCP Properties plc, Advance HE, QAA, Universities and Colleges Admissions Service, Jisc, OIA and UCEA.

Universities UK owns all 550,000 preference shares in CVCP Properties plc and 50,000 (1%) of its ordinary shares. Universities UK is the original subscribing member of the other organisations and members of Universities UK contribute to governance oversight through Board membership and other involvement. Related party transactions are at arm’s length where those terms can be substantiated.

CVCP Properties plc
Advance HE
Quality Assurance Agency
UCAS
Jisc
OIA
UCEA		 As at 31 July 2025
Year ended 31 July 2025
Amounts due
to related
parties
£
Amounts due
from related
parties
£
Income from
related parties
£
Purchases from
/ payments to
related parties
£
5,064
-
-
-
-
-
2,276
1,491,004
-
295
1,344
4,145
-
-
790,248
3,293
2,105
69,425
18,070
1,834
12,547
1,008,056
960
-
148
-
-
948,998
7,340
1,496,788
897,522
1,958,162
CVCP Properties plc
Advance HE
Quality Assurance Agency
UCAS
Jisc
OIA
UCEA		 As at 31 July 2024
Year ended 31 July 2024
Amounts due
to related
parties
£
Amounts due
from related
parties
£
Income from
related parties
£
Purchases from
/ payments to
related parties
£
447
-
15,000
-
-
-
300,924
1,387,803
1,637
295
7,976
12,650
-
9
690,683
8,976
1,995
29,760
34,351
590
19,111
1,090,290
-
15,000
1,819
-
-
501,369
316,371
1,410,370
785,466
1,608,478

25. Members

The charity is incorporated as a private company limited by guarantee having no share capital and, in accordance with the Memorandum of Association, every member is liable to contribute a sum of £1 in the event of the company being wound up. At 31 July 2025 there were 141 members (2024: 141).

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

26. Income and expenditure by fund

Income from:
Income and expenditure
Group
Donations
Charitable activities
Other trading activities
Expenditure on:
Investments
Raising funds
Other income
Charitable activities
Total
Total
Net income / (expenditure)
Transfers between funds
Net movements in funds
Total funds at 1 August
Total funds at 31 July		 Notes 2024
£’000
2025
£’000
Unrestricted
Funds		 2024
£’000
2025
£’000
Restricted
Funds		 2024
£’000
2025
£’000
Total
Funds
2
3
4		 629
733
8,178
8,423
1,553
1,590
367
1
325
-		 -
-
8,147
6,645
83
96
162
8
105
10		 629
733
16,325
15,068
1,636
1,686
529
9
430
10
10,728
11,071		 8,400
6,856		 19,128
17,927
842
6,385
931
9,897		 82
7,252
94
7,726		 924
13,637
1,025
17,623
7 7,227
10,828		 7,334
7,820		 14,561
18,648
3,501
13
243
13		 1,066
(13)
(964)
(13)		 4,567
-
(721)
-
3,514
1,784
256
5,298		 1,053
3,312
(977)
4,365		 4,567
5,096
(721)
9,663
5,298
5,554		 4,365
3,388		 9,663
8,942

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

26. Income and expenditure by fund continued

Income and expenditu re by fun dcontinued
Income from:
Income and expenditure
Charity
Donations
Charitable activities
Other trading activities
Expenditure on:
Investments
Raising funds
Other income
Charitable activities
Total
Total
Net income / (expenditure)
Net movements in funds
Total funds at 1 August
Total funds at 31 July		 Notes 2024
£’000
2025
£’000
Unrestricted
Funds		 2024
£’000
Restricted
Funds
2025
£’000		 2024
£’000
2025
£’000
Total
Funds
2
3
4		 1,262
1,326
8,178
8,423
156
197
353
1
315
-		 -
-
5,522
3,962
-
-
59
-
-
-		 1,262
1,326
13,700
12,385
156
197
412
1
315
-
9,950
10,261		 5,581
3,962		 15,531
14,223
74
6,384
137
9,897		 -
4,664
-
4,869		 74
11,048
137
14,766
7 6,458
10,034		 4,664
4,869		 11,122
14,903
3,492
227		 917
(907)		 4,409
(680)
3,492
1,730
227
5,222		 917
547
(907)
1,464		 4,409
2,277
(680)
6,686
5,222
5,449		 1,464
557		 6,686
6,006

59

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

Reference and administrative details

Principal and Registered Office

Woburn House 20 Tavistock Square London WC1H 9HQ

Solicitors

Bates Wells & Braithwaite London LLP 10 Queen Street Place London EC4R 1BE

Bankers

National Westminster Bank plc 214 High Holborn London WC1H 9XA

Auditors

HaysMac LLP 10 Queen Street Place London EC4R 1AG

Universities UK also has two regional offices:

Universities Scotland

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Universities Wales

Units 6 & 7, Suite B One Central Square Cardiff CF10 1FS

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Universities UK is the collective voice of 141 universities in England, Scotland, Wales and Northern Ireland.

Our mission is to create the conditions for UK universities to be the best in the world; maximising their positive impact locally, nationally and globally.

Universities UK acts on behalf of universities, represented by their heads of institution.

Woburn House

20 Tavistock Square London WC1H 9HQ

T: +44 (0)20 7419 4111

E: info@universitiesuk.ac.uk

W: universitiesuk.ac.uk

universities-uk

@universities-uk.bsky.social

@UniversitiesUK

@UniversitiesUK

November 2025 ISBN 978-1-84036-534-4