1. Tuition fees and education contracts
Consolidated and University | ||
---|---|---|
2024 | 2023 | |
Full-time UK students | £108.1m | £107.1m |
Full-time EU students | £3.2m | £4.6m |
Full-time overseas students | £86.1m | £72.2m |
Part-time higher education students | £9.0m | £9.4m |
Short course and apprenticeship fees | £2.3m | £1.7m |
Research training support grants and other fees | £10.8m | £10.9m |
Total | £219.5m | £205.9m |
2. Funding body grants
Consolidated and University | ||
---|---|---|
2024 | 2023 | |
Recurrent grants | ||
Office for Students (OfS) | £9.8m | £9.1m |
UK Research and Innovation (UKRI) | £26.1m | £27.3m |
Specific grants | ||
OfS | (£0.3m) | £0.5m |
UKRI | £3.1m | £3.9m |
Other specific grants | £0.4m | £0.4m |
OfS capital grants | £0.1m | £0.1m |
UKRI capital grants | £2.0m | £5.4m |
Total | £41.2m | £46.7m |
3. Grant and fee income
Consolidated and University | ||
---|---|---|
2024 | 2023 | |
Grant income from the OfS | £9.6m | £9.8m |
Grant income from other bodies | £31.6m | £36.9m |
Fee income for taught awards (exclusive of VAT) | £195.9m | £184.5m |
Fee income for research awards (exclusive of VAT) | £10.5m | £8.7m |
Fee income from non-qualifying courses (exclusive of VAT) | £13.1m | £12.7m |
Total | £260.7m | £252.6m |
4. Research grants and contracts
Consolidated 2024 | Consolidated 2023 | University 2024 | University 2023 | |
---|---|---|---|---|
UKRI | £28.4m | £24.5m | £28.4m | £24.5m |
UK charitable bodies | £2.9m | £3.2m | £2.9m | £3.2m |
European Commission | £2.8m | £2.6m | £2.8m | £2.6m |
UK central government, local authorities or Health Trust | £7.8m | £7.6m | £7.8m | £7.6m |
UK industry | £2.3m | £2.0m | £2.3m | £2.0m |
Other sponsors | £6.4m | £5.1m | £5.0m | £4.9m |
Total | £50.6m | £45.0m | £49.2m | £44.8m |
5. Other income
Consolidated 2024 | Consolidated 2023 | University 2024 | University 2023 | |
---|---|---|---|---|
Residences, catering and conferences | £49.8m | £43.8m | £49.8m | £43.8m |
Other services rendered (note 6) | £9.2m | £7.5m | £9.2m | £7.5m |
Other income | £9.2m | £7.1m | £10.6m | £7.1m |
Total | £68.2m | £58.4m | £69.6m | £58.4m |
6. Other services rendered
Consolidated and University | ||
---|---|---|
2024 | 2023 | |
Academic departments and services | £2.5m | £2.1m |
Sports and related facilities | £5.0m | £4.2m |
Other | £1.7m | £1.2m |
Total | £9.2m | £7.5m |
7. Investment income
Consolidated 2024 | Consolidated 2023 | University 2024 | University 2023 | |
---|---|---|---|---|
Investment income on endowments | £0.1m | £0.1m | £0.1m | £0.1m |
Net income and gains from short-term investments | £0.3m | £0.4m | £0.3m | £0.4m |
Other investment income | £7.0m | £5.0m | £7.2m | £5.1m |
Total | £7.4m | £5.5m | £7.6m | £5.6m |
8. Donations and endowments
Consolidated 2024 | Consolidated 2023 | University 2024 | University 2023 | |
---|---|---|---|---|
Donations with restrictions | £0.5m | £0.5m | £0.5m | £0.5m |
Unrestricted donations | £3.8m | £1.0m | £2.9m | £1.0m |
Total | £4.3m | £1.5m | £3.4m | £1.5m |
9. Staff costs
Consolidated | ||
---|---|---|
2024 | 2023 | |
Salaries | £169.7m | £153.8m |
Social security costs | £16.1m | £14.6m |
Other pension costs | £27.8m | £29.4m |
Sub-total | £213.6m | £197.8m |
Movement in USS1 pension provision | (£98.2m) | (£16.1m) |
Sub-total | £115.4m | £181.7m |
less: paid on behalf of other organisations | (£5.5m) | (£5.3m) |
less: capitalised within the cost of buildings | (£0.1m) | (£0.3m) |
Total | £109.8m | £176.1m |
University | ||
---|---|---|
2024 | 2023 | |
Salaries | £168m | £152.3m |
Social security costs | £15.9m | £14.6m |
Other pension costs | £27.6m | £29.2m |
Sub-total | £211.5m | £196.1m |
Movement in USS pension provision | (£98.2m) | (£16.1m) |
Sub-total | £113.3m | £180.0m |
less: paid on behalf of other organisations | (£5.5m) | (£5.3m) |
less: capitalised within the cost of buildings | (£0.1m) | £0m |
Total | £107.7m | £174.7m |
Total emoluments of the Head of Institution are as follows:
Emoluments of the Head of Institution | ||
---|---|---|
2024 | 2023 | |
Salary | £320,250 | £314,641 |
Salary in lieu of pension contributions | £41,743 | £42,236 |
Benefits in kind | £3,668 | £3,293 |
Total | £365,661 | £360,170 |
Pension contributions | £23,407 | £19,942 |
Total | £389,068 | £380,112 |
Benefits in kind included above: | ||
Medical expenses | £3,668 | £3,293 |
Total | £3,668 | £3,293 |
Salary sacrifice arrangements: | ||
Pensions | £15,000 | £0 |
Total | £15,000 | £0 |
The Vice-Chancellor’s salary is benchmarked by the Remuneration Committee with comparator institutions using Universities and Colleges Employers Association (UCEA) data. No further review of salary was carried out in 2023-24 and the Vice-Chancellor only received the national pay award.
Professor Ian White’s basic salary was 9.2 (2022-23 8.8) times the median pay of staff and 14.9 (2022-23 14.7) times the lowest pay of staff. Total remuneration was 9.1 (2022-23 8.3) times the median total remuneration and 16.8 (2022-23 16.7) times the lowest total remuneration. All pay and total remuneration figures are calculated on a full-time equivalent basis.
The total remuneration value should be adjusted downwards by £15,000 to allow for the inclusion of the amount that equates to the University’s pension contribution made by the Vice-Chancellor under the salary sacrifice Additional Voluntary Contribution (AVC) arrangement for pensions.
Remuneration of other higher paid staff
Remuneration of other higher paid staff, excluding employer's pension contributions and before salary sacrifice are:
FTE salary band | Teaching & research (academic) number | Senior leadership (academic) number | Professional services | Consolidated 2024 number | Consolidated 2023 number |
---|---|---|---|---|---|
£100,000 to £104,999 | 11 | 0 | 0 | 11 | 16 |
£105,000 to £109,999 | 9 | 0 | 4 | 13 | 11 |
£110,000 to £114,999 | 14 | 0 | 1 | 15 | 15 |
£115,000 to £119,999 | 15 | 0 | 1 | 16 | 18 |
£120,000 to £124,999 | 8 | 0 | 1 | 9 | 4 |
£125,000 to £129,999 | 6 | 1 | 0 | 7 | 5 |
£130,000 to £134,999 | 7 | 1 | 1 | 9 | 5 |
£135,000 to £139,999 | 4 | 0 | 0 | 4 | 3 |
£140,000 to £144,999 | 3 | 1 | 2 | 6 | 4 |
£145,000 to £149,999 | 1 | 0 | 0 | 1 | 1 |
£150,000 to £154,999 | 2 | 2 | 2 | 6 | 1 |
£155,000 to £159,999 | 1 | 0 | 0 | 1 | 3 |
£160,000 to £164,999 | 2 | 1 | 1 | 4 | 2 |
£165,000 to £169,999 | 2 | 0 | 0 | 2 | 2 |
£170,000 to £174,999 | 2 | 1 | 1 | 4 | 0 |
£180,000 to £184,999 | 2 | 0 | 0 | 2 | 0 |
£185,000 to £189,999 | 0 | 0 | 0 | 0 | 1 |
£225,000 to £229,999 | 0 | 0 | 0 | 0 | 1 |
£240,000 to £244,999 | 0 | 1 | 0 | 1 | 0 |
Total | 89 | 8 | 14 | 111 | 92 |
As defined by the OfS, only staff who completed the full year in post are included. Salary is on a Full-time equivalent (FTE) basis and includes market supplements, but excludes allowances and other such payments.
The net increase of 19 staff in this table comprises 11 new recruits, 14 staff who have received pay rises as a result of performance or promotion, and six staff who have left the organisation.
The table includes two staff employed by IAAPS Ltd, a subsidiary company of the University.
Average staff numbers by major category | Consolidated 2024 number | Consolidated 2023 number |
---|---|---|
Education & Research | 1,382 | 1,335 |
Technical & Experimental | 170 | 175 |
Management, Specialist & Administrative | 1,321 | 1,250 |
Operational & Facilities Support | 494 | 461 |
Total | 3,367 | 3,221 |
Included within the above full-time equivalent totals are 32 (2022-23 28) staff employed by the University’s subsidiary IAAPS Ltd.
Key management personnel
Key management personnel are those persons having authority and responsibility for planning, directing and controlling our activities. The definition of key management personnel corresponds to the membership of University Executive Board Standing Group. Positions held by our key management personnel are:
- Vice-Chancellor & President
- Deputy Vice-Chancellor
- Pro-Vice-Chancellor (Education and Global)
- Pro-Vice-Chancellor (Research and Enterprise)
- Pro-Vice-Chancellor (Student Experience)
- Vice-President (Strategy and Planning)
- Vice-President (Enterprise)
- Vice-President (External Relations)
- Chief Operating Officer
- Director of Finance
- Director of Human Resources
Key management personnel | 2024 | 2023 |
---|---|---|
Key management personnel compensation | £2,219,245 | £2,276,988 |
Full time equivalent (number) | 9.50 | 10.07 |
Compensation includes remuneration and all employer benefits paid or payable in exchange for services provided by our key management personnel in the year.
Severance payments | 2024 | 2023 |
---|---|---|
Total amount of compensation paid for the loss of office | £269,216 | £282,480 |
Number of staff | 50 | 54 |
Severance payments include a mixture of redundancy costs, typically at the end of a fixed term contract, settlement agreements and individually agreed exits.
Access and participation staff costs
Access and participation | ||
---|---|---|
Consolidated and University | 2024 | 2023 |
Access investment | £1.3m | £1.3m |
Financial support | £0.1m | £0.1m |
Disability support | £0.4m | £0.4m |
Research and evaluation | £0.3m | £0.3m |
Total | £2.1m | £2.1m |
10. Analysis of expenditure by activity
Analysis of expenditure by activity | ||
---|---|---|
2024 | 2023 | |
Academic departments | £151.5m | £139.4m |
Academic services | £39.8m | £39.2m |
Central administration | £24.4m | £23.5m |
General educational expenditure | £25.5m | £21.8m |
Staff and student facilities | £19.7m | £18.8m |
Premises | £67.2m | £55.1m |
Residences, retail and catering operations | £52.0m | £45.2m |
Research grants and contracts | £29.1m | £30.4m |
Other services rendered | £2.2m | £1.5m |
Movement in USS pension liability | (£98.2m) | (£16.1m) |
Other expenses | £2.8m | £3.1m |
Consolidated | £316.0m | £361.9m |
University of Bath | £308.1m | £356.8m |
Other operating expenses include: | ||
---|---|---|
Consolidated and University | 2024 | 2023 |
External Auditors' Remuneration (including VAT) | ||
Audit Services - subsidiary company | £22,812 | £16,008 |
Audit Services - University | £197,147 | £165,600 |
Non-audit service – United States federal loan reporting | £6,000 | £6,270 |
Total | £225,959 | £187,878 |
Access and Participation | ||
---|---|---|
Consolidated and University | 2024 | 2023 |
Access investment | £2.5m | £2.4m |
Financial support | £4.2m | £4.5m |
Disability support | £0.6m | £0.6m |
Research and evaluation | £0.3m | £0.3m |
Total | £7.6m | £7.8m |
Read our Access and Participation Plan (APP).
Access investment
We have spent more (£0.19m) on our Access work than the APP target. This spend was £0.03m (1%) higher than in 2022-23. The increase compared to 2022-23 was in part due to increased staff costs, an increase in the number of events in schools and the number of students attending sustained outreach programmes. The increased costs of delivery (travel, accommodation, and so on) led to an increase in non-pay spend. Where possible increases in non-pay costs were mitigated through efficiencies of delivery. Our increased spend compared to commitment was a purposeful decision to ensure that we delivered a full and comprehensive programme of outreach. The overspend in Access was mitigated by an underspend elsewhere.
Financial support
We have spent £0.38m less on financial support than the target in the APP which is a decrease of £0.29m compared to 2022-23. This decrease in spend is due to fewer than expected students being eligible for financial support. As part of the new APP we have reconsidered the eligibility criteria and have changed the threshold, meaning more students should be eligible for financial support in future years.
Disability support for students
We have spent more on disability support for students in 2023-24. This overspend was due to the need to support a greater number of disabled students, with the number of disabled students increasing from 2,670 in 2022-23 to 3,080 in 2023-24 (+15%). This resulted in greater numbers of students requiring disability support, including:
- exam adjustments
- diagnostic assessments (for example, for Attention Deficit Hyperactivity Disorder (ADHD)
- access to specialist one-to-one support that isn’t funded by the Disabled Students’ Allowance (DSA)
In addition, we supported more graduating students with the transition out of University, as well as increased activity during the summer.
Research and evaluation
We have spent less than the APP target on research and evaluation. This lower spend is due to a permanent change from our original plan. The original plan included spend on 8 PhD students, and after reviewing the impact of the first phase we considered the budget would be better allocated elsewhere. Despite lower spend than originally targeted within the APP, our approach to research and evaluation has strengthened including the promotion of a dedicated APP researcher and the introduction of a new member of staff into the Impact Team. As part of the new APP we have committed to increasing Research and Evaluation capacity further. The underspend of £0.11m compared to the APP target balances overspend elsewhere. The spend of £0.33m is an increase of £0.04m from 2022-23 which is due to increased staff costs.
11. Related party transactions
The financial statements of the University include transactions with related parties. In accordance with Financial Reporting Standard (FRS) 102 these are disclosed where members of the University of Bath’s Council or Key Management Personnel (KMP) disclose an interest in a body with whom the University undertakes transactions which are considered material to the University’s Financial Statements and/or the other party. Due to the nature of the University’s operations and the composition of the Board, being drawn from local public and private sector organisations, it is inevitable that transactions will take place with organisations in which a member of Council or KMP may have an interest.
See an updated register of the interests of the members of Council.
Reimbursements to members of Council and Audit and Risk Assurance Committee (ARAC) for expenditure incurred whilst carrying out their duties amounted to £7,210 (2022-23, £3,954). Nine members of Council and one member of ARAC (2022-23, seven members of Council) claimed expenses during the year.
The University has taken advantage of the exemption within FRS 102 and has not disclosed transactions with other group entities where it holds 100% of the voting rights. Included within the financial statements are the following transactions with related parties:
Expenditure recognised within the financial statements 2024 | Expenditure recognised within the financial statements 2023 (Restated) | Balance due to the University at 31 July recognised within the financial statements 2024 | Balance due to the University at 31 July recognised within the financial statements 2023 | |
---|---|---|---|---|
University of Bath Students’ Union | £3.4m | £2.9m | £0m | £0.2m |
University of Bath Students’ Union
The Students’ Union provides a range of services and facilities to the University’s student body. Two members of Council sit on the governing body of the Student Union.
The University processes the payroll on behalf of the Students’ Union with the salary costs being recharged to the Students’ Union in full. The Students’ Union uses the block grant to repay the salary costs to the University and this amounted to £2.2m in 2023-24 (2022-23 £2.3m).
The total expenditure recognised in 2022-23 has been restated to include other expenditure in addition to the block grant provided by the University to the Students’ Union, which was the amount reported originally.
12. Interest and other finance cost
Consolidated and University | ||
---|---|---|
2024 | 2023 | |
Interest on loans not wholly repayable within five years | £8.7m | £7.4m |
Change in discounted value of future USS payments (note 20) | £2.2m | £3.6m |
Local Government Pension Scheme (LGPS) net interest charge (note 25) | £0.3m | £1.4m |
Total | £11.2m | £12.4m |
13. Fixed assets
Consolidated | |||||||
---|---|---|---|---|---|---|---|
Freehold land and buildings | Leasehold land and buildings | Leasehold – enhancements | Equipment | Assets in the course of construction | Intangible assets | Total | |
Cost / Valuation | |||||||
At 1 August 2023 | £63.8m | £982.2m | £9.4m | £116.8m | £2.8m | £0.5m | £1,175.5m |
Additions at Cost | £33.1m | £7.5m | £1.3m | £5.1m | £6.7m | £0m | £53.7m |
Disposals | £0m | £0m | £0m | (£1.5m) | £0m | £0m | (£1.5m) |
Revaluations | £20.6m | £47.4m | £0m | £0m | £0m | £0m | £68.0m |
Reclassifications | (£4.3m) | £0.8m | (£0.8m) | £8.3m | (£4.0m) | £0m | £0m |
At 31 July 2024 | £113.2m | £1,037.9m | £9.9m | £128.7m | £5.5m | £0.5m | £1,295.7m |
Accumulated depreciation and impairment | |||||||
At 1 August 2023 | £25.2m | £7.5m | £5.4m | £82.9m | £0m | £0.1m | £121.1m |
Charge in year | £2.0m | £46.4m | £0.9m | £8.0m | £0m | £0.1m | £57.4m |
Disposals | £0m | £0m | £0m | (£1.3m) | £0m | £0m | (£1.3m) |
Revaluations | (£27.1m) | (£50.1m) | £0m | £0m | £0m | £0m | (£77.2m) |
At 31 July 2024 | £0.1m | £3.8m | £6.3m | £89.6m | £0m | £0.2m | £100.0m |
Net book value | |||||||
At 31 July 2024 | £113.1m | £1,034.1m | £3.6m | £39.1m | £5.5m | £0.3m | £1,195.7m |
At 31 July 2023 | £38.6m | £974.7m | £4.0m | £33.9m | £2.8m | £0.4m | £1,054.4m |
As at 31 July 2024, we revalued on-site student accommodation and over 33% of our remaining freehold and leasehold buildings. Carter Jonas Limited, an external Chartered Surveyor revalued all buildings carried at market value and a sample of leasehold buildings valued using Existing Use or Depreciated Replacement Cost according to the nature and use of each building. The University applied the same valuation methodology to the leasehold buildings that were not part of the sample so that leasehold buildings are valued at fair value at 31 July 2024. The Carter Jonas valuation was prepared in accordance with the Valuation Standards published by the Royal Institute of Chartered Surveyors.
The movement in buildings values following the revaluation is written back through an increase in valuation and the reversal of accumulated depreciation charged since the previous valuation exercise.
Provision has not been made for capital commitments funded by University funds, of £13.2m (2022-23 £59.6m) that were contracted at 31 July.
University | |||||||
---|---|---|---|---|---|---|---|
Freehold land and buildings | Leasehold land and buildings | Leasehold – enhancements | Equipment | Assets in the course of construction | Intangible assets | Total | |
Cost / Valuation | |||||||
At 1 August 2023 | £63.9m | £984.4m | £9.4m | £93.4m | £2.8m | £0.5m | £1,154.4m |
Additions at Cost | £33.1m | £7.5m | £1.3m | £5.0m | £6.7m | £0m | £53.6m |
Disposals | £0m | £0m | £0m | (£1.5m) | £0m | £0m | (£1.5m) |
Revaluations | £20.6m | £45.1m | £0m | £0m | £0m | £0m | £65.7m |
Reclassifications | (£4.3m) | £0.8m | (£0.8m) | £8.3m | (£4.0m) | £0m | £0m |
At 31 July 2024 | £113.3m | £1,037.8m | £9.9m | £105.2m | £5.5m | £0.5m | £1,272.2m |
Accumulated deprecation and impairment | |||||||
At 1 August 2023 | £25.2m | £9.4m | £5.4m | £81.1m | £0m | £0.1m | £121.2m |
Charge in year | £2.0m | £46.9m | £0.9m | £5.7m | £0m | £0.1m | £55.6m |
Disposals | £0m | £0m | £0m | (£1.4m) | £0m | £0m | (£1.4m) |
Revaluations | (£27.1m) | (£52.4m) | £0m | £0m | £0m | £0m | (£79.5m) |
Reclassifications | £0m | £0.1m | (£0.1m) | £0m | £0m | £0m | £0m |
At 31 July 2024 | £0.1m | £4.0m | £6.2m | £85.4m | £0m | £0.2m | £95.9m |
Net book value | |||||||
At 31 July 2024 | £113.2m | £1,033.8m | £3.7m | £19.8m | £5.5m | £0.3m | £1,176.3m |
At 31 July 2023 | £38.7m | £975.0m | £4.0m | £12.3m | £2.8m | £0.4m | £1,033.2m |
Freehold and Leasehold Land and Buildings measured by valuation at 31 July 2024 includes the following historical cost:
Consolidated and University | ||
---|---|---|
2024 | 2023 | |
Freehold land and buildings | £89.1m | £60.3m |
Leasehold land and buildings | £602.8m | £594.6m |
Leasehold land and buildings includes land with a value of £41.1m at 31 July 2024 (£41.1m at 31 July 2023).
Equipment includes assets donated to us, these are valued at market value as at the date when they were received.
14. Non current asset investments
Consolidated 2024 | Consolidated 2023 | University 2024 | University 2023 | |
---|---|---|---|---|
At 1 August | ||||
Other investments | £2.0m | £1.6m | £6.0m | £5.7m |
Acquisition of investments | £0.1m | £0.3m | £0.1m | £0.2m |
Movement in market value | £0m | £0.1m | £0m | £0.1m |
At 31 July | £2.1m | £2.0m | £6.1m | £6.0m |
Our non current asset investments are investments in private companies without published share price quotations.
15. Trade and other receivables
Consolidated 2024 | Consolidated 2023 | University 2024 | University 2023 | |
---|---|---|---|---|
Prepayments and accrued income | £4.7m | £4.0m | £4.7m | £4.0m |
Amounts receivable from subsidiary | £0m | £0m | £17.3m | £11.3m |
Research grant receivables | £8.5m | £10.5m | £8.5m | £10.5m |
Other receivables | £16.5m | £18.0m | £16.8m | £18.5m |
Total | £29.7m | £32.5m | £47.3m | £44.3m |
Due within one year | £26.3m | £30.4m | £28.6m | £30.8m |
Due in more than one year | £3.4m | £2.1m | £18.7m | £13.5m |
Total | £29.7m | £32.5m | £47.3m | £44.3m |
16. Current asset investments
Consolidated and University | ||||
---|---|---|---|---|
Investments measured at market value | Investments measured at amortised cost | 2024 | 2023 | |
Total | Total | |||
At 1 August | £98.1m | £111.5m | £209.6m | £185.7m |
New investments | £2.3m | £73.5m | £75.8m | £94.5m |
Disposal of investments | (£9.4m) | (£86.7m) | (£96.1m) | (£70.5m) |
Market value movement | £7.5m | £0m | £7.5m | (£0.1m) |
At 31 July | £98.5m | £98.3m | £196.8m | £209.6m |
Investments measured at market value include quoted investments of £86.4m (2022-23 £86.1m) and those held in unit funds where a market value can be determined of £12.0m (2022-23 £12.0m).
Investments measured at amortised cost include those held in money market funds, certificates of deposit and fixed deposits. Deposits are held with banks and building societies operating in the London market and licensed by the Financial Services Authority. These short-term deposits do not meet the definition of cash equivalent. The interest rates for these deposits are fixed for the duration of the deposit at time of placement.
At 31 July 2024, the weighted average interest rate of these fixed-rate deposits was 5.79% per annum (2022-23 5.05%) and the remaining weighted average period for which the interest rate is fixed on these deposits was 55 days (2022-23 97 days). The fair value of these deposits was not materially different from the book value.
Current asset investments include £8.4m (2022-23 £5.9m) held in respect of endowments as disclosed in note 21.
17. Creditors: amounts falling due within one year
Consolidated 2024 | Consolidated 2023 | University 2024 | University 2023 | |
---|---|---|---|---|
Bank loans | £2.1m | £2.1m | £2.1m | £2.1m |
Trade payables | £24.8m | £26.9m | £24.6m | £26.2m |
Amounts payable to subsidiary | £0m | £0m | £0.2m | £0.1m |
Social security and other taxation payable | £7.4m | £7.6m | £7.4m | £7.5m |
Finance lease obligations | £0.5m | £0.3m | £0.5m | £0.3m |
Deferred income | £46.9m | £50.6m | £46.9m | £50.6m |
Total | £81.7m | £87.5m | £81.7m | £86.8m |
Deferred income
Included in deferred income are the following items which have been deferred until specific performance-related conditions are met.
Consolidated and University | ||
---|---|---|
2024 | 2023 | |
Donations | £0.3m | £0.3m |
Research grants received on account | £23.1m | £26.0m |
Grant income | £11.0m | £10.5m |
Other income | £12.5m | £13.8m |
Total | £46.9m | £50.6m |
18. Creditors: amounts falling due after more than one year
Consolidated and University | ||
---|---|---|
2024 | 2023 (Restated) | |
Bank loans | £70.9m | £73.0m |
Loan notes at amortised cost | £55.4m | £55.4m |
Loan notes at fair value | £66.9m | 64.8m |
Finance lease obligations | £1.2m | £1.1m |
Total | £194.4m | £194.3m |
19. Borrowings
Consolidated and University | ||
---|---|---|
2024 | 2023 (Restated) | |
Bank loans and loan notes held at amortised cost are repayable as follows: | ||
In one year or less | £2.1m | £2.1m |
Between one and two years | £2.1m | £2.1m |
Between two and five years | £17.5m | £17.5m |
In five years or more | £106.7m | £108.8m |
Total | £128.4m | £130.5m |
£94.6m of the £100m loan notes with The Northwestern Mutual Life Insurance Company and MetLife Insurance K.K. are carried at fair value at each year end (see Notes 18 and 27).
Lender breakdown | |||||
---|---|---|---|---|---|
Lender | Amount | Maturity date | Repayments | Interest rate | Borrower |
Lloyds Bank plc | £38.7m | 2036 | Quarterly | 5.45% | University of Bath |
Barclays Bank plc (tranche A1.1) | £6.0m | 2027 | At maturity | 5.44% | University of Bath |
Barclays Bank plc (tranche A1.2) | £15.0m | 2032 | At maturity | 5.44% | University of Bath |
Barclays Bank plc (tranche A2) | £8.2m | 2037 | Quarterly | 5.48% | University of Bath |
Barclays Bank plc (tranche B) | £5.1m | 2037 | Quarterly | 5.48% | University of Bath |
The Northwestern Mutual Life Insurance Company | £45.0m | 2038 | At maturity | 2.63% | University of Bath |
MetLife Insurance K.K | £55.0m | 2048 | At maturity | 2.77% | University of Bath |
Pension Insurance Corporation plc | £50.0m | 2072 | At maturity | 3.66% | University of Bath |
Total | £223.0m |
20. Pension provisions
Consolidated and University | ||||
---|---|---|---|---|
Obligations to fund deficit on USS Pension (note 25) | Defined benefit obligations LGPS (note 25) | Total 2024 | Total 2023 | |
At 1 August | £96.0m | £6.4m | £102.4m | £149.9m |
Released in year | (£98.2m) | £0m | (£98.2m) | (£16.1m) |
Additions in year | £0m | £1.2m | £1.2m | £0.2m |
Interest in year | £2.2m | £0.3m | £2.5m | £5.0m |
Actuarial (gain) in respect of pension | £0m | (£0.3m) | (£0.3m) | (£36.6m) |
At 31 July | £0m | £7.6m | £7.6m | £102.4m |
21. Endowments
Restricted net assets relating to endowments are as follows:
Consolidated and University | ||||
---|---|---|---|---|
Restricted permanent | Expendable | Total (2024) | Total (2023) | |
At 1 August | ||||
Capital | £2.2m | £3.6m | £5.8m | £6.2m |
Accumulated Income | £0.2m | £0.9m | £1.1m | £1.5m |
Total | £2.4m | £4.5m | £6.9m | £7.7m |
Investment and donation income | £1.1m | £0.6m | £1.7m | (£0.2m) |
Expenditure | (£0.1m) | (£0.3m) | (£0.4m) | (£0.3m) |
Reclassification | £0.1m | £0.1m | £0.2m | £0m |
Decrease in market value of investments | £0m | £0m | £0m | (£0.3m) |
At 31 July | £3.5m | £4.9m | £8.4m | £6.9m |
Representing: | ||||
Capital | £2.1m | £3.7m | £5.8m | £5.8m |
Accumulated Income | £1.4m | £1.2m | £2.6m | £1.1m |
Total | £3.5m | £4.9m | £8.4m | £6.9m |
Analysis by type of purpose: | ||||
Lectureships | £2.0m | £2.4m | £4.4m | £2.9m |
Scholarships and bursaries | £1.4m | £2.0m | £3.4m | £3.1m |
Prize Funds | £0.1m | £0.3m | £0.4m | £0.6m |
General | £0m | £0.2m | £0.2m | £0.3m |
Total | £3.5m | £4.9m | £8.4m | £6.9m |
Analysis by asset: | ||||
Current asset investments | £3.5m | £4.9m | £8.4m | £5.9m |
Cash at bank | £0m | £0m | £0m | £1.0m |
Total | £3.5m | £4.9m | £8.4m | £6.9m |
22. Restricted reserves
Reserves with restrictions are as follows:
Consolidated and University | ||||
---|---|---|---|---|
Other income | Donations | Total (2024) | Total (2023) | |
At 1 August | £0.5m | £1.2m | £1.7m | £2.0m |
New grants | (£0.5m) | £0m | (£0.5m) | £0.1m |
New donations | £0m | £0.5m | £0.5m | £0.5m |
Expenditure | £0.1m | (£0.5m) | (£0.4m) | (£0.9m) |
At 31 July | £0.1m | £1.2m | £1.3m | £1.7m |
Analysis by type of purpose | ||||
Research support | £0.1m | £0.1m | £0.2m | £0.2m |
Scholarships and bursaries | £0m | £0.3m | £0.3m | £0.2m |
General | £0m | £0.8m | £0.8m | £1.3m |
Total | £0.1m | £1.2m | £1.3m | £1.7m |
23. Contingent liability
We have entered a number of nomination agreements with five organisations whereby we underwrite the shortfall in the letting of a number of student residences, summarised below. We do not expect any liability to be incurred as a result of these contracts as we expect all residences will be fully let as per the nomination agreements.
Dates | Residences | Legal entity with whom the agreement is held | Maximum liability 31 July 2024 | Maximum liability 31 July 2023 (Restated) |
---|---|---|---|---|
16 September 2023 to 21 September 2024 | Acquilla Court | Eagle One Acqua Sulis Limited and Acquilla MMXX Limited | £0.3m | £12.4m |
21 September 2024 to 13 September 2025 | The Brook | This is Fresh Limited | £2.5m | £0m |
23 September 2023 to 27 July 2024 | Twerton Mill | Twerton Bath Limited | £0m | £0.1m |
16 September 2023 to 7 September 2024 | Hello Students | Empiric (Bath James House) Limited | £0.3m | £1.2m |
16 September 2023 to 7 September 2025 | Unite | The Unite Group plc | £0.2m | £0.2m |
Total | £3.3m | £13.9m |
The maximum liability at 31 July 2023 has been restated following reclassification of the agreement with Host Student Housing Management (UK) Limited which was disclosed as a nomination agreement in 2022-23 but has been classified as an operating lease in 2023-24.
24. Lease obligations
The University had total operating lease commitments in respect of leased property as follows:
Consolidated and University | ||
---|---|---|
2024 | 2023 (Restated) | |
Lease Commitments | ||
Not later than one year | £10.5m | £8.3m |
Later than one year and not later than five years | £45.9m | £31.3m |
Later than five years | £115.9m | £94.7m |
Total Lease commitments | £172.3m | £134.3m |
Operating leases are held for nine properties (2022-23 eight) used by us as student accommodation. As we do not control the significant residual value in these properties upon the expiry of the lease period they have not been accounted for as Service Concession Arrangements. The lease arrangements expire between 2025 and 2049, the lease payments are reported in other operating expenses.
The commitments above reflect minimum price increases, based on CPI, which are capped by many agreements, typically, between 4% and 6%.
25. Pensions
Universities Superannuation Scheme
We participate in the Universities Superannuation Scheme (USS), a hybrid pension scheme, providing defined benefits (for all members), as well as defined contribution benefits. The assets of the scheme are held in a separate fund administered by the trustee, Universities Superannuation Scheme Limited. USS has over 554,000 members and we had 2,584 (2022-23 2,476) active members at 31 July 2024. USS is a multi-employer scheme and is accounted for as set out in the accounting policies.
The latest available complete actuarial valuation of the Retirement Income Builder is as at 31 March 2023 (the valuation date), which was carried out using the projected unit method.
Since we cannot identify our share of USS Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole.
The 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 (the statutory funding objective). 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 £7.4 billion and a funding ratio of 111%.
The key financial assumptions used in the 2023 valuation are described below. More detail is set out in the Statement of Funding Principles.
Price inflation – Consumer Price Index (CPI)
3.0% per annum (based on a long-term average expected level of CPI, broadly consistent with long-term market expectations).
Gap between Retail Price Index (RPI) and Consumer Price Index (CPI)
1.0% per annum to 2030, reducing to 0.1% per annum from 2030.
Pension increases (subject to a floor of 0%)
Benefits with no cap:
- CPI assumption plus 3bps (Basis Points)
Benefits subject to a “soft cap” of 5% (providing inflationary increases up to 5%, and half of any excess inflation over 5% up to a maximum of 10%):
- CPI assumption minus 3bps
Discount rate (forward rates)
Fixed interest gilt yield curve plus:
- Pre-retirement 2.5% per annum
- Post-retirement 0.9% per annum
The main demographic assumptions used relate to the mortality assumptions. These assumptions are based on analysis of the scheme’s experience carried out as part of the 2023 actuarial valuation. The mortality assumptions used in these figures are as follows:
Mortality base table
101% of S2PMA “light” for males and 95% of S3PFA for females.
Future improvements to mortality
Continuous Mortality Investigation (CMI) 2021 with a smoothing parameter of 7.5, an initial addition of 0.4% per annum, 10% w2020 and w2021 (weighting) parameters, and a long-term improvement rate of 1.8% per annum for males and 1.6% per annum for females.
The current life expectancies on retirement at age 65 are:
2024 | 2023 | |
---|---|---|
Males currently 65 years | 23.7 | 24.0 |
Females currently 65 years | 25.6 | 25.6 |
Males currently 45 years | 25.4 | 26.0 |
Females currently 45 years | 27.2 | 27.4 |
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. We were no longer required to make deficit recovery contributions from 1 January 2024 and accordingly released the outstanding provision to the profit and loss account.
Local Government Pension Scheme
We participate in the Avon Pension Fund which is a funded defined benefit pension scheme with the assets held in separate trustee administered funds. The assumptions which have the most significant effect on the determination of contribution levels are as follows:
Return on investments | 4.6% |
Long-term salary increases - higher risk | 4.6% |
Long-term salary increases - lower risk | 5.1% |
CPI inflation - higher risk | 3.1% |
CPI inflation - lower risk | 3.6% |
Valuation date | 31 March 2022 |
Valuation method | Projected Unit |
Market value of assets at date of last valuation | £5,822m |
Market value of assets as a percentage of accrued benefits | 97.0% |
The contribution payable by us is 20.7% of pensionable pay as at April 2024.
As a multi-employer scheme where the share of assets and liabilities applicable to each employer can be defined, we have accounted for the scheme under FRS 102 as a defined benefit scheme based on a full actuarial valuation of the Fund as at 31 March 2022, updated to 31 July 2024 by a qualified independent actuary.
The material assumptions used by the actuary were:
At end of year | 31 July 2024 | 31 July 2023 |
---|---|---|
Rate of CPI inflation | 2.6% | 2.7% |
Rate of increase in salaries | 4.1% | 4.2% |
Rate of increase in pensions | 2.7% | 2.8% |
Discount rate | 4.9% | 5.1% |
Post retirement mortality assumptions for members retiring in normal health
31 July 2024 | 31 July 2023 | |
---|---|---|
Non-retired members (male) | SAPS2 4 CMI 23 [1.5%] 99% | SAPS 3 CMI 22 [1.5%] 100% |
Non-retired members (female) | SAPS 4 CMI 23 [1.5%] 92% | SAPS 3 CMI 22 [1.5%] 94% |
Retired members (male) | SAPS 4 CMI 23 [1.5%] 94% | SAPS 3 CMI 22 [1.5%] 95% |
Retired members (female) | SAPS 4 CMI 23 [1.5%] 94% | SAPS 3 CMI 22 [1.5%] 94% |
Life expectancy: | ||
Male future pensioner 65 in 20 years' time | 23.1 years | 23.2 years |
Female future pensioner 65 in 20 years' time | 26 years | 25.7 years |
Male current pensioner aged 65 | 21.9 years | 22 years |
Female current pensioner aged 65 | 24.1 years | 24 years |
The sensitivities regarding the principal assumptions used to measure our share of the scheme liabilities as at the valuation on 31 July 2024 are set out below:
Assumption | Change in Assumption | Impact on scheme liabilities |
---|---|---|
Discount rate | Increase by 0.5% | Decrease by £12.6m |
Rate of CPI Inflation | Increase by 0.25% | Increase by £6.7m |
Rate of salary growth | Increase by 0.25% | Increase by £0.8m |
Members live longer | 1 year longer | Increase by £3.7m |
Our share of the scheme’s assets and liabilities | ||
---|---|---|
2024 | 2023 | |
Market value of assets | £152.8m | £147.9m |
Present value of scheme liabilities | (£160.4m) | (£154.3m) |
Net pension liability | (£7.6m) | (£6.4m) |
Amounts charged to the Statement of Comprehensive Income (SOCI) | ||
---|---|---|
Included in staff costs and operating expenses for the year (note 9) | 2024 | 2023 |
Current service cost | £2.4m | £4.5m |
Administration expenses | £0.1m | £0.1m |
Total operating charge | £2.5m | £4.6m |
Analysis of amount charged to interest payable | ||
---|---|---|
2024 | 2023 | |
Net interest charge (note 12) | £0.3m | £1.4m |
Net charge | £0.3m | £1.4m |
Amounts recognised in SOCI | ||
---|---|---|
2024 | 2023 | |
Change in assumptions underlying the present value | ||
of the scheme assets | £1.4m | (£12.6m) |
of the scheme liabilities | (£1.1m) | £49.2m |
Actuarial gain recognised in the SOCI | £0.3m | £36.6m |
The movement in the scheme's deficit during the year is made up as follows:
2024 | 2023 | |
---|---|---|
Deficit in scheme at 1 August | £6.4m | £41.4m |
Movement in the year: | ||
Current service and curtailment costs | £2.4m | £4.5m |
Contributions by the employer | (£1.3m) | (£4.4m) |
Administrative charge | £0.1m | £0.1m |
Net interest charge | £0.3m | £1.4m |
Actuarial gains | (£0.3m) | (£36.6m) |
Deficit in scheme at 31 July | £7.6m | £6.4m |
Analysis of the movement in the present value of the scheme liabilities | ||
---|---|---|
2024 | 2023 | |
At the beginning of the year | £154.3m | £196.5m |
Current service cost | £2.4m | £4.5m |
Interest on pension liabilities | £7.8m | £6.9m |
Member contributions | £0.9m | £1.0m |
Actuarial (gain)/losses on liabilities - other | £1.1m | (£49.2m) |
Curtailments | £0m | £0m |
Benefits/transfers paid | (£6.1m) | (£5.4m) |
At the end of the year | £160.4m | £154.3m |
Analysis of the movement in the market value of the scheme assets | ||
---|---|---|
2024 | 2023 | |
At the beginning of the year | £147.9m | £155.1m |
Interest on plan assets | £7.5m | £5.5m |
Actuarial (losses) or gains on assets | £1.3m | (£12.6m) |
Administrative expenses | (£0.1m) | (£0.1m) |
Contributions by the employer | £1.3m | £4.4m |
Contributions by scheme participants | £1.0m | £1.0m |
Benefits/transfers paid | (£6.1m) | (£5.4m) |
At the end of the year | £152.8m | £147.9m |
Analysis of the scheme assets | ||
---|---|---|
2024 | 2023 | |
Equities | £77.0m | £48.5m |
Government bonds | £32.4m | £30.0m |
Other bonds | £13.8m | £12.9m |
Property | £7.6m | £9.2m |
Cash/liquidity | (£22.5m) | £1.5m |
Other | £44.5m | £45.8m |
At the end of the year | £152.8m | £147.9m |
University total pension costs (note 9) | ||
---|---|---|
2024 | 2023 | |
Universities Superannuation Scheme: employer only contributions | £21.5m | £23.9m |
Universities Superannuation Scheme: provision movement | (£98.2m) | (£16.1m) |
Sub-total | (£76.7m) | £7.8m |
Avon Pension Fund (LGPS) | £4.5m | £4.2m |
Contributions to other pension schemes | £1.6m | £1.1m |
Total pension costs | (£70.6m) | £13.1m |
26. Consolidated reconciliation of net debt
The movement in net debt during the year is made up as follows:
Consolidated 2024 | University 2024 | |
---|---|---|
Net debt 1 August 2023 (as previously reported) | (£14.2m) | (£15.3m) |
Prior year adjustment | £29.8m | £29.8m |
Net debt 1 August 2023 (as restated) | £15.6m | £14.5m |
Movement in the year: | ||
Short-term investments – cash flow | (£20.3m) | (£20.3m) |
Short-term investments – change in market value | £7.5m | £7.5m |
Cash at bank | £0m | £0.4m |
Bank loans – cash flow | £10.8m | £10.8m |
Bank loans – movement in fair value and interest payable | (£10.8m) | (£10.8m) |
Finance leases | (£0.3m) | (£0.3m) |
Net debt 31 July 2024 | £2.5m | £1.8m |
Change in adjusted net debt | (£13.1m) | (£12.7m) |
The table above includes changes in net debt including investments, which have been included to give a fairer representation of the University’s true net debt position as they are available at short notice. To show the statutory change in net debt, which includes only cash and cash equivalents, changes excluded those in respect of investments are disclosed below.
Consolidated 2024 | University 2024 | |
---|---|---|
Change in statutory net debt | (£0.3m) | (£0.1m) |
Analysis of net debt | |||||
---|---|---|---|---|---|
Note | Consolidated 2024 | Consolidated 2023 (Restated) | University 2024 | University 2023 (Restated) | |
Cash at bank | £2.7m | £2.7m | £2.0m | £1.6m | |
Borrowings: amounts falling due within one year: | |||||
Bank loans and loan notes | 17 | (£2.1m) | (£2.1m) | (£2.1m) | (£2.1m) |
Obligations under finance leases | 17 | (£0.5m) | (£0.3m) | (£0.5m) | (£0.3m) |
Borrowings: amounts falling due after more than one year: | |||||
Bank loans and loan notes | 18 | (£193.2m) | (£193.2m) | (£193.2m) | (£193.2m) |
Obligations under finance leases | 18 | (£1.2m) | (£1.1m) | (£1.2m) | (£1.1m) |
Statutory net debt | (£194.3m) | (£194.0m) | (£195.0m) | (£195.1m) | |
Short-term investments | £196.8m | £209.6m | £196.8m | £209.6m | |
Adjusted net debt | £2.5m | £15.6m | £1.8m | £14.5m |
27. Prior year adjustment
Loan notes
£94.6m of the £100m loan notes issued by the University to The Northwestern Mutual Life Insurance Company and MetLife Insurance K.K. have been reassessed as non-basic instruments and therefore are required to be recognised at fair value rather than amortised cost.
The impact has been to recognise a fair value movement through the statement of comprehensive income of £17.5m for both the University and Consolidated position. £94.6m of debt due after more than one year has also been restated to a fair value of £64.8m. The changes to the consolidated results are summarised below.
The movement in net debt during the year is made up as follows:
Prior to restatement 31 July 2023 | Movement | Restated 31 July 2023 | |
---|---|---|---|
Consolidated statement of comprehensive income: | |||
Gain on fair value of loan notes | £0m | £17.5m | £17.5m |
Total comprehensive income for the year | £173.4m | 17.5m | £190.9m |
Consolidated balance sheet: | |||
Creditors: amounts falling due after one year | £224.1m | (£29.8m) | £194.3m |
Total net assets | £887.8m | £29.8m | £917.6m |
Income and expenditure reserve - unrestricted | £304.4 | £29.8m | £334.2m |
Total reserves | £887.8 | £29.8m | £917.6m |