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• Chair's Introduction
• Highlights from 2023-24
• Strategic Report
• Public Benefit Statement
• Corporate Governance and Accountability
• Independant Auditor's Report to the Council of University of Essex
• Accounting Policies
• Consolidated and University Statement of Comprehensive lncome and Expenditure
• Consolidated and University Statement of Changes in Reserves
• Consolidated and University Balance Sheets as at 3l July 2024
• Consolidated and University Cash Flow Statement
• Notes to the Accounts for the year ended 31 July 2024

Chairs Introduction

I am honoured to be the new Chair of the Council of the University of Essex, taking over from Jane Hamilton who saw the University through the pandemic and the financial pressures facing the sector as a whole with extraordinary calmness, wisdom and dedication. Jane had been a valued and influential member of the University’s Council since 2015 and Chair since 2019. We also said goodbye to our Vice-Chancellor, Professor Anthony Forster who retired at the end of the 2023-24 academic year, having led the University through a period of extraordinary growth and achievement since August 2012. In particular, Professor Forster is remembered for his leadership on complex and controversial issues, communication and engagement with stakeholders, most notably students and the Students’ Union. Professor Maria Fasli has taken over as Acting Vice-Chancellor for this academic year, building on her success as Executive Dean of the Faculty of Science and Health.

In the face of significant financial challenges for UK universities, we have put in place a range of measures that allowed us to safeguard the student experience, protect jobs and the current range of subjects and disciplines. We will continue to take steps to manage challenges and capitalise on opportunities in the years to come.

While we had record numbers of applications for postgraduate taught programmes that commenced in October 2023 and January 2024, increases to visa costs, NHS surcharges for international visitors, withdrawal of visas for dependents of all but research students and extended visa processing times saw actual student registrations fall significantly short of target. Overall, tuition fee income was £30m below budget for the year and the University responded quickly to reduce expenditure. Reflecting poorer prospects for tuition fee income, the University Council approved a reduction in our cash surplus target from 5.5% to 1% (£3.2m) for Academic Year (AY) 2023-24 and a minimum of 2% for each subsequent year in this strategic planning period (up to and including AY 2028-29). We adjusted our capital investment plans accordingly, keeping our education and research infrastructure up to date but excluding new buildings.

As we enter the 2024-25 academic year, we are delighted to welcome more new undergraduates onto our campuses than in the previous year. Nonetheless, we are very much aware that it will take several years of growth in intakes for our total undergraduate population to return to levels we enjoyed in academic year 2020-21. With improving league table rankings (rising to 23rd in the Guardian University Guide, 30th in the Complete University Guide and rising 10 places to 46th in the Times Good University Guide) we left no stone unturned to ensure that we recruited our fair share of the growing numbers of potential students in London and the eastern counties and from across the United Kingdom for 2024-25. Like most other universities in the United Kingdom, our intake of international undergraduate and postgraduate students was limited by the new visa regime.

We are adapting rapidly to the new challenges that we face: updating our curriculum and identifying new activities, including continued professional development and apprenticeships (of which we now have 378 courses) and new forms of UK and international partnerships. Operating through our due diligence and quality control procedures, income from academic partnerships was £7.9m, up from £4.5m in AY 2022-23. This growth included strong recruitment to the new arrangements with Aegean College in Greece, the Portobello Institute in Dublin and Laksamana College of Business in Brunei.

Financial Sustainability

The University Council has set a requirement for a minimum of 60 days liquidity, exceeding the 30-day minimum set by our regulator, the Office for Students. We have exceeded our 60-day target achieving 141 days, supported by £83m in cash and deposits and £40m available from a revolving credit facility. This left us able to conduct essential refurbishments and updates of our estate and infrastructure and improve energy efficiency. Our total long-term borrowing continued to reduce, steadily, to £138.4 million from £140.7m at the start of the academic year.

The University declared a climate and ecological emergency in December 2020 and has set a date of 2035 to reach net zero scope 1 and 2 carbon emissions. Our Sustainability Sub-Strategy sets the aims, objectives and actions to reduce our carbon emissions and further our sustainability work. Our scope 1 and 2 carbon emissions have reduced by almost 28.2% from 11,897 tCO2e in 2019-2020 to 8,540 tCO2e in 2023-24, demonstrating the significant progress being made.

University League Tables

We were ranked 23rd in the Guardian University Guide, 30th in the Complete University Guide, and rose 10 places to 46th in the Times Good University Guide.In the Times Higher World Rankings we are ranked in the top 100 for Social Sciences and Law; top 200 for Economics and Business Studies and Psychology; and top 250 for Computer Science. We have also been ranked firmly within the top 100 institutions for the third year running in this year’s Times Higher Education Impact Rankings.

Education and the Student Experience

We were pleased to see good performance in the National Student Survey 2024 and Essex is first in the East of England for the 'overall positivity' measure. Within the various elements of the survey, we ranked in the top 10 for learning resources and in the top 20 for academic support. Essex is ranked 30th among 100 English broad-discipline higher education institutions for overall positivity, based on student feedback analysed by Times Higher Education. It was particularly pleasing to be above benchmark for all seven key areas of the survey.

Students’ Union

Our Students’ Union has been awarded the King’s Award for Voluntary Service. Within the context of volunteering being at a historic low in England, for over 20 years our students have been making change happen through volunteering. This remarkable commitment has now earned our V-Team this most prestigious award, the highest possible accolade for volunteering in the UK. Ours is the first Students’ Union to win the award in many years and it is worthy recognition for our incredible student volunteers who have this year contributed an amazing 40,000 hours of their time to projects that make a positive difference to the lives of others. The Union is ranked 16th nationally for its effectiveness in representing students and has recently been ranked within the top 10 Students’ Unions in the country in the WhatUni Student Choice Awards 2024. This is the sixth year in a row that our Students’ Union has been ranked in the top 10.

Research and Knowledge Exchange

In 2023-24, income from research grants and contracts exceeded previous records at £37.7m and are forecast to reach £40m in 2024-25. This is a 10% increase on our previous all-time high of £34.3m in 2022-23, which in turn represented a 14% increase on our previous year’s performance of £30.2m. In addition to this, we were awarded £138m for national social sciences infrastructure in our Institute of Social and Economic Research and the UK Data Archive. Not only is this the largest single investment in a university from UK Research and Innovation, but it also further consolidates the University of Essex as a global leader in authoritative social science.

I am delighted that we have performed particularly well in this year’s Higher Education Business and Community Interaction survey. The survey collects financial and output data related to a range of activities including business and public or third sector involvement in research, consultancy and the commercialisation of intellectual property; and other activities intended to have direct societal benefits. We reported over £37m, an increase of £8.6m on last year and were delighted with our ranking of 14th in the sector in the Knowledge Exchange Framework. We ranked first, again, out of all universities in the UK for the number of Knowledge Transfer Partnerships we have been awarded.

Other Successes

• Once again, Times Higher Education (THE) has named the University of Essex in the top 100 of its global Impact Rankings – which evaluates 2,152 universities across 125 countries. Essex is 58th overall in the THE Impact Rankings – the third year in a row Essex has earned a place in the top 100.
• Wivenhoe Park has been awarded the Green Flag Award for an eighth successive year in recognition of its status among the country’s best outdoor spaces.
• In the British Council Alumni awards, 12 Essex graduates from 9 different countries were shortlisted. Of these individuals, two were Global finalists, three were National finalists, and one was crowned a National winner.
• We are in the top 30 in the UK in the British Universities & College Sport (BUCS) overall league table - our highest ever finish and our highest number of BUCS points – a remarkable achievement for a University of our size.
• We also won a Basketball England ‘Best Gameday Experience Award’.

Capital Developments

This year saw the completion of Clingoe House, a new 40,000 square foot building at the entrance to our Colchester Campus. Clingoe House is the home of our Institute of Public Health and Wellbeing, and new health and wellbeing hubs open to the public, and follows the success of Parkside Office Village, it also provides lettable commercial space with new tenants due to move in shortly, strengthening our links with business and the community.

Through our Pastures development on our Colchester Campus, 1,262 new study bedrooms were occupied from September 2024. We completed a project to re-clad our student residences at University Square Southend, and we are vigorously pursuing legal redress for the cost of this work from third parties.

Given that we have reduced our future annual cash surplus targets (which are annual contributions to capital budgets) from 5.5% to 2% of total income, we have also rationalised our capital investment programme. We have revised our current capital investment plans to include £89m of investment to keep our infrastructure for education and research up to date and progress our Sustainability Sub-Strategy.

Treasury and Investments

We are conscious that the value of our cash balances is being eroded by inflation. I’m very grateful for the work of our Investment Committee and staff in securing over £5.6m in investment income in 2023-24, in comparison with £3.6m in the previous academic year.

People

As we are celebrating the University’s diamond jubilee year, we welcomed our new Chancellor, renowned author Dr Sarah Perry, and said goodbye to our Vice-Chancellor, Professor Anthony Forster who retired at the end of the 2023-24 academic year, having led the University through a period of extraordinary growth and achievement since August 2012. In particular, Professor Forster is remembered for his leadership on complex and controversial issues, communication and engagement with stakeholders, most notably students and the Students’ Union. Professor Maria Fasli has taken over as Acting Vice-Chancellor for this academic year, building on her platform of leadership in her role as Executive Dean of the Faculty of Science and Health.

I wish to offer my sincere thanks to three outstanding members of Council who concluded their service on the University Council at the end of AY 2023-24. The University has benefitted enormously from the experience, wisdom and expertise of Tim Porter, who joined Council in 2015 and soon became Treasurer, ably chairing the Audit and Risk Management Committee for nine years. As President of the Students’ Union (SU), Kieran Phillips contributed significantly to the work of Council, for AY 2023-24 and we are very grateful for his leadership in ensuring the SU is ranked in the top ten in the country again. Professor Diana Presciutti provided valuable insights at Council whilst also ably leading the newly formed School of Philosophical, Historical and Interdisciplinary Studies. I would like to welcome new members to Council: Faten Ghosen, Robert Hale, Lesley Smith and Lily-May Cameron, as President of the Students’ Union.

We are also grateful to Professor Lorna Fox-O’Mahony who served as a member of the University Steering Group (USG) for eleven years, initially as the Executive Dean for the Faculty of Arts and Humanities and then as Deputy Vice-Chancellor. Lorna was the driving force behind the University strategy and planning round and is now focussing on a period of research leave. Professor Neil Kellard has taken over as Acting Deputy Vice-Chancellor for AY 2024-25.

At the end of the AY 2023-24, Professor Madeline Eacott retired as Pro-Vice-Chancellor Education having led many initiatives contributing to the University’s impressive performance in the National Student Survey. Madeline handed over to Professor Larra Anderson.

Earlier in the year, Professor Nancy Kula concluded her successful term as Executive Dean of the Faculty of Social Sciences to take up a new position at the University of Leiden. Nancy is succeeded by Professor John Preston.

In conclusion

These are very difficult times for UK higher education. Nonetheless, I am confident the University of Essex can continue to thrive by embracing innovation in education with its partners, diversifying income through expansion of research and knowledge exchange, and providing high quality services for students, staff and the community. It is heartening to see our campuses buzzing again as numbers of undergraduates recover towards pre-pandemic levels and we remain true to our international ideal of finding the world in one place at Essex. I would like to thank all staff and students for their hard work in challenging times for higher education in the UK.

Melanie Leech
Chair of Council

3 February 2025

Highlights from 2023-24

• 1st in the UK for Knowledge Transfer Partnerships.
• "Very High Quality" Education (Silver Rating Overall, (Teaching Excellence Framework 2023)
• Research Power - 5 subjects in the UK Top 10. (Research Excellence Framework 2021, Times Higher Education)
• TOP 5 in the UK for ‘value added’ (The Guardian University Guide 2025)
• Research Quality - 4 social science subjects in the UK Top 10 (Research Excellence Framework 2021)
• 30th in England for ‘overall positivity’* (Times Higher Education 2024)
• 58th in the world in the Times Higher Education Impact Rankings
• Top 20 for international outlook. (Times Higher Education World Rankings 2024)
• 130,000+ alumni around the world
• 23rd in the UK in the Guardian University Guide 2025

We remain a key member of the Young Universities for the Future of Europe (YUFE) and the Young European Research Universities Network (YERUN).

*Essex is ranked 30th in England for 'overall positivity' across all questions in National Student Survey 2024.

Figure includes all English broad-discipline higher education institutions. (Times Higher Education 2024)

Strategic Report

Objectives and strategy

Our mission is to deliver excellence in education and research, for the benefit of individuals and communities. We are proud to offer a transformational research-led education, welcoming students to the University based on their potential, helping them to fulfil that potential, and transforming the lives of everyone who chooses to study at Essex.

As we navigate the post pandemic landscape, the higher education sector is evolving in response to significant challenges and opportunities. Government policy changes in respect of global mobility have negatively impacted international student recruitment, which is a key area of income generation for universities; any potential shift in policy under a new Labour government could bring change, however we remain vigilant as the government settles on its priorities.

On a positive note, the sector has seen a record number of UK 18-year-olds apply for the 2024-25 intake year, reflecting strong domestic demand.

Financial performance during 2023-24

Financial sustainability remains a challenge across the sector however the financial performance of the University remains positive, delivering an accounting surplus of £52.3m and a cash surplus, measured as the surplus for the year plus non-cash transactions (depreciation and movements in investment property valuations, fixed asset investments and provisions) less capital grants and loan principal repayments, of £5.4m (1.7%).

Campus Services includes Accommodation and Sport within the University, and two subsidiaries; University of Essex Campus Services (UECS) Ltd and Wivenhoe House Hotel (WHH) Ltd. Campus Services made a surplus of £0.3m 2023-24 before an accelerated depreciation adjustment, mainly for the North Towers, compared to a £3.4m surplus in 2022-23. The reason for a lower surplus is fewer students living in University accommodation. The accelerated depreciation adjustment of £6.7m reduces the overall Campus Services position in 2023-24 to a £6.4m deficit.

To counter the impact of rising inflation on the University’s cost base, the University was able to secure £5.6m through cash investment and interest returns; this is an increase of £2.1m on 2022-23 and is a result of careful cash management and the diligent placement of funds in a range of short and long-term fixed interest instruments.

The total student population is close to 14,500 FTE, representing a decrease of around -11% versus 2022-23. From a headcount perspective, the total student population is close to 18,000, again representing a decrease of around -11% versus 2022-23.

Our research grant and contract income reached a new record high of £37.7m, growing by 10% versus 2022-23. The indirect costs recovered from this activity also saw very strong growth of 18.4% rising to £8.3m, our highest level in the strategic planning period (2019-25).

	2022-23 £000	2023-24 £000	Year-on-year movement
Research contract income	34,331	37,744	+9.9%
Research contract indirect costs recovered	7,021	8,314	+18.4%

Increasing academic staff numbers remains a key priority. Over the 12-month period from August 2023 to July 2024, average academic staff numbers increased by 57 FTE to 1,043 FTE (5.8%) and total average staff numbers by 108 FTE to 3,005 FTE (4%) from 2022-23.

Capital investment

The Capital Investment Plan (CIP) supports the delivery of the University’s Strategy and its commitment to excellence in education and research.

A revised CIP was agreed by Council in July 2024. Included within the CIP are projects to support the growth and sustainability of the University, underpinned by a commitment to repurpose existing space where possible.

Following the development of the University’s Sustainability Sub-Strategy, consideration is being given to how the University can make a just and equitable transition to net zero carbon emissions and to reducing its impact on the environment. The revised Capital Investment Plan incorporates significant investment for sustainability-led projects, to deliver our Sustainability Sub-Strategy, and with respect to our climate and ecological imperatives.

The categories of project identified for potential investment within the capital plan are as follows:

• Reduction of risk/regulatory compliance
• Financial sustainability
• Transformation and achievement
• Efficiencies, performance, and innovation
• Environmental sustainability

	2021-22 £000	2022-23 £000	2023-24 £’000
Total investment	£14,113	£23,016	£27,383

Major Projects in 2023-24 included:

• Smart Working at Essex (SWAE) Phase 2 - This £1.3m project is now complete and continued the roll out across the University of the digital infrastructure.
• Parkside Phase 3a – The Parkside Phase 3a building reached completion in November 2023. Works to complete the fit out of the Health and Wellbeing Hubs on the ground floor of Clingoe House, Parkside have now been completed at a cost of £2.7m. The space has been designed to provide a range of multipurpose clinical rooms, designed to NHS health standards. The launch of the hub took place on the 21 March 2024, and was an opportunity to showcase our services, with attendees able to see live sessions and demonstrations. The services offered for launch range from falls prevention, memory clinic, health promotion, health checks, and interdisciplinary support for children, young people and adults with multiple and complex health and wellbeing needs.
• Refurbishment of the existing estate to provide new Teaching Spaces – This project provided additional permanent teaching spaces to accommodate larger cohorts of students as well as smaller study spaces at a cost of £2.5m.
• Sustainability – £2.9m has been spent on sustainability related projects in 2023-24. Works undertaken have included re-roofing the Constable building and part of the 1960s estate at Colchester, LED lighting upgrades to spaces across Colchester and Southend campuses, improved sub-metering across all three campuses and continuing work on decarbonisation.
• Research – Expenditure on research equipment in 2023-24 totalled £3.6m. Some of this expenditure was externally funded. £2.8m was incurred in a Smart Technology and Experimental Plant Suite (STEPS) which will provide state of the art growth facilities for our fundamental and applied plant-based research.

Debt, liabilities and liquidity

Despite the need to secure higher returns to counter the impact of inflation, cash continues to be managed prudently and good returns secured through investing for longer maturities where possible. Cash, cash equivalents and short-term investments decreased to £75.8m (2022-23: £101.8m) over the year. The University Council set a requirement for a minimum of 60 days liquidity, and we achieved 141 days of general expenditure (excluding depreciation) at 31 July 2024, compared with 169 days in 2022-23. Total long-term debt outstanding at 31 July 2024 was £138.4 (2022-23 £140.6m). The University was fully compliant with its banking covenants for all drawn debt.

2023-24 Performance Updates

Many positive performance outcomes have been achieved across 2023-24.

Guardian University Guide 2025

• Essex moved up 7 places to rank 23rd in the Guardian University Guide 2025, our highest ever rank in this table. This represented a 62 place rank improvement over the last four publications. Essex continues to rank 4th nationally in the Guardian’s Value-Added metric – a metric that indicates the extent to which a student exceeded expectations, based on entry qualifications.

Complete University Guide 2025

• Essex moved up two places to 30th in the Complete University Guide 2025 – ranking 3rd nationally for facilities spend and 4th for academic services. We are also 30th for research intensity.

Times Good University Guide (TGUG) 2025

• Essex moved up ten places, to 46th, our highest rank since TGUG 2022 (published in 2021) and our first rank rise since TGUG 2018. In addition, Essex rose 4 places, to 29th in the Times’ Social inclusion table, which is our highest ever ranking in this table.

National Student Survey (NSS) 2024

• Our performance in the National Student Survey showed continued improvement this year, with the University ranking 30th for Overall Positivity amongst English Broad Discipline institutions (100 institutions), and 1st in the East of England. Further, rank performance improved in five the seven sections of the NSS, with three of these sections considered performing above our benchmark. Seven questions sits above the benchmark performance, with none sitting below benchmark (all other questions in line with benchmark).
• The latest Teaching Excellence Framework (TEF) dataset (that which will eventually populate the TEF 2027 dataset), finds two of the seven sections to be materially above benchmark (with the remaining five all in-line with benchmark).
• For the first time TGUG utilised the new version of the NSS using an aggregate of NSS 2023 and 2024. This resulted in a rank rise of +41 places on the Student Satisfaction metric, to 39th. This includes rises of +42 places in the Teaching Quality half of the metric and +28 for the Student Experience half of the metric (which now ranks 25th).

Graduate Outcomes 2024

• This year’s Graduate Outcomes survey (surveying 2020-21 graduates) found 87% of our biggest population – undergraduate, UK, full time students – were in some level of employment or further study 15 months after graduation, and 89% of our postgraduate students.
• The latest TEF dataset (that which will eventually populate the TEF 2027 dataset) finds our Graduate Outcomes to be marginally above our benchmark (+0.6, regarded materially in line).

Knowledge Exchange Framework (KEF4)

• The fourth iteration of the KEF saw Essex rank 11th in the sector overall (previously 14th), and 2nd in Cluster X (previously 3rd), and achieved our target of being in the top 50% for all perspectives.
• Essex has achieved ‘high’ or ‘very high’ engagement in all seven KEF perspectives and met or exceeded the Cluster X average in all seven.
• Essex ranked 4th in the sector for the “working with the public and third sector” perspective.

Times Higher Education – World University Rankings 2025

• Essex was ranked in the 351st–400th bracket in the world and 39th of UK institutions. Within this table, Essex is 17th in the world for ‘International Outlook’. At the subject level, four subjects rank in the top 200 – Law (49th), Social Sciences (74th), Business & Economics (152nd) and Psychology (194th).

TEF 2023 and direction of travel for 2027

• In 2023 we were awarded overall TEF Silver, as well as Silver awards in both of the new elements: student experience and student outcomes. Silver indicates that “the student experience and outcomes are typically very high quality, and there may be some outstanding features”.
• As this TEF cycle assessed the period 2018-22, we now have 2023 and 2024 performance data that will underpin the next TEF submission in 2027. This early insight shows the latest data, that which will constitute the first two years of the next cycle, sits materially above benchmark on two sections ‘Learning Resources’ and ‘Organisation and Management’, with a further six sections above benchmark. No overall metrics are regarded materially below benchmark. Therefore, our improved performance sets us up well for the next TEF cycle.

THE Impact Rankings 2024

• Essex remains in the top 60 in the THE World Impact Rankings this year, ranking 58th out of 1,963 institutions across the world in the prestigious Times Higher Education (THE) Impact Rankings, which recognise universities for making a difference to society and working towards a more sustainable future.
• This measures universities against the Sustainable Development Goals and this year Essex was ranked in the top 100 globally for five of these 17 goals. The highlights were being ranked 22nd for Reduced Inequalities, 28th for Responsible Consumption and Production, 31st for Gender Equality, 40th for Decent Work and Economic Growth, and 54th for Climate Action.

Our strong performance in the Impact Rankings demonstrates how our efforts to operate in more sustainable and socially responsible ways are helping us to evolve as a University fit for the future. The result also reflects the world-leading contributions that our academic community continues to make through education and research in topics that have the greatest relevance and importance to the future of science, society, and humanity.

We have committed to reaching net zero carbon emissions by 2035 and we take our promise very seriously. We are continually acting and making new investments to ensure that not only are we improving the carbon footprint of our campuses but we are developing innovative education and research practices that are sustainable without compromising on excellence.

In our fourth Sustainable Development Report, which we have recently published, we are delighted to provide a more detailed update of our performance in relation to each of the UN Sustainable Development Goals (SDGs). The report also incorporates the full results of our 2024 Times Higher Education Impact Rankings and examples of our activities that have made a positive contribution to each SDG.

Measuring the contribution of the University in progressing each of the Sustainable Development Goals is not easy, instead, we have adopted keyword methodologies commonly used across the higher education sector, including the Times Higher Education Impact Rankings.

There are two commonly used keyword sets for each of the Sustainable Development Goals. The first set was developed by the Asia/Pacific Sustainable Development Solutions Network (SDSN), which is very broad, and the other is the Elsevier keyword set, which is used by the Times Higher Education and is much narrower. For our research we have used both keyword sets to search our publications using the Scopus indexing service, reporting the number of publications and citations Essex has achieved for each goal from 2012 to 2023. For our education we have indicated how many programmes relate to each SDG and how many student interactions there have been across these programmes since 2012.

Table 1: Research Publications and Citations Assosciated with each Sustainable Development Goal

	Publications		Citations
	SGSN	Elsevier	SGSN	Elsevier
SDG 1: No Poverty	3805	61	73237	671
SDG 2: Zero Hunger	2754	96	70017	3182
SDG 3: Good Health and Well-being	2362	1880	51201	42439
SDG 4: Quality Education	1645	35	28093	456
SDG 5: Gender Equality	1999	143	31283	1179
SDG 6: Clean Water and Sanitation	1065	26	24136	328
SDG 7: Affordable and Clean Energy	1614	319	37544	7686
SDG 8: Decent Work and Economic Growth	4291	275	69525	6720
SDG 9: Industry, Innovation and Infrastructure	5346	71	100380	3956
SDG 10: Reduced Inequality	5291	305	89290	4869
SDG 11: Sustainable Cities and Communities	3204	136	70171	2424
SDG 12: Responsible Consumption and Production	2958	147	66035	3638
SDG 13: Climate Action	1049	283	27762	7599
SDG 14: Life Below Waster	570	181	17057	3673
SDG 15: Life on Land	1561	90	41292	3859
SDG 16: Peace and Justice Strong Institutions	41292	3859	46709	8975
SDG 17: Partnerships to achieve the SDGs	246	N/A	5262	N/A

Table 2: Degrees Associated with each Sustainable Development Goal and Student Engagments

	Relevant Degrees		Student Engagements
	SGSN	Elsevier	SGSN	Elsevier
SDG 1: No Poverty	893	88	14404	877
SDG 2: Zero Hunger	707	30	11163	88
SDG 3: Good Health and Well-being	547	346	6925	4199
SDG 4: Quality Education	671	21	7713	130
SDG 5: Gender Equality	606	173	7367	803
SDG 6: Clean Water and Sanitation	252	3	1643	28
SDG 7: Affordable and Clean Energy	219	1	1692	64
SDG 8: Decent Work and Economic Growth	1016	175	17806	1325
SDG 9: Industry, Innovation and Infrastructure	1257	35	16881	242
SDG 10: Reduced Inequality	1082	174	18359	1030
SDG 11: Sustainable Cities and Communities	656	20	7836	180
SDG 12: Responsible Consumption and Production	596	83	7824	1209
SDG 13: Climate Action	247	121	2201	1419
SDG 14: Life Below Waster	214	62	2385	290
SDG 15: Life on Land	295	28	2287	165
SDG 16: Peace and Justice Strong Institutions	627	344	9184	3414
SDG 17: Partnerships to achieve the SDG	170	N/A	1154	N/A

Future outlook and prospects

The number of 18-year-olds in the UK is due to rise by 4% for the 2025 intake with the most rapid growth in the areas from which the University recruits most of its home students. We are already seeing higher numbers of applications for 2025 entry than we saw at the same point in the cycle for 2024 entry. Therefore, we have confidence that the recovery in numbers of undergraduates from the UK will continue. Prospects for recruitment of international students are harder to evaluate. Tightening of the visa regime for students coming to study in the UK has had a significant impact; however with Canada and Australia also introducing caps on international student numbers, the UK could see a surge in demand from those seeking alternative study destinations. In the face of ongoing uncertainty and volatility, the University seeks to further expand the number of students studying for its qualifications through high-quality overseas partnerships, supporting both financial stability and research excellence. It aims to grow income from transnational education from £7M in 2024 to £22M by 2030, generating an additional £9M surplus to support the University’s financial stability and research excellence.

Many of the early career researchers recruited over the last five years are progressing to win larger research grants and contracts, with successive breaking of record levels of research income forecast to continue up to the 2029 Research Excellence Framework.

Risk

Policy and approach

The University maintains a Risk Management Policy, which forms part of the University’s internal control and corporate governance arrangements. The policy explains the University’s underlying approach to risk management and documents the roles and responsibilities of the University Council, the University Steering Group (USG) and other key parties. It also outlines key aspects of the risk management process and identifies the main reporting procedures. In addition, it describes the process the University Council follows to evaluate the effectiveness of the institution’s internal control procedures.

The following principles underlie the University’s approach to risk management and internal control:

• Council has responsibility for overseeing risk management within the institution as a whole.
• The Vice-Chancellor and University Steering Group (the University’s Executive) advise the Council and implements the policies it approves.
• The Audit and Risk Management Committee (ARMC) provides Council with independent assurance about the effectiveness of the University’s risk management arrangements.
• External Audit has an overview of the policy, making comments and recommendations of practical benefit.
• Internal Audit provides ARMC and Council with independent assurance about the effectiveness of the University’s risk management arrangements.
• The institution makes prudent recognition and disclosure of the financial and non-financial implications of risks.
• Heads of Departments and Heads of Section are responsible for developing awareness of risks within their units, and for identifying risks inherent in new developments.
• Key risk indicators are identified and monitored regularly.

Risk appetite

The University recognises that risk appetite varies according to the activity undertaken and has developed a matrix determining its willingness to accept risks in pursuit of its strategic objectives. The approach is to minimise exposure to risks in the areas that relate to Health and Safety, regulatory compliance and the University’s duty of care to staff and students, whilst accepting and encouraging the active management of risk in order to pursue strategic priorities as defined in the University Strategy 2019-28. The matrix maps the University’s risk appetite against key strategic aims and compares the potential impact if things were to go wrong against the benefits if opportunities are realised; progress in realising those benefits is measured using a set of Key Performance Indicators, providing a measurable value that demonstrates how effectively the University is achieving key business objectives.

Risk ownership and management

The Registrar and Secretary, as the Risk Management Process Owner, is responsible to the Vice-Chancellor and USG for ensuring the operational effectiveness of the University’s risk management procedures. The Risk Management Group (RMG), chaired by the Chief Financial Officer, provides guidelines on the assessment of risk in planning and decision-making and monitors compliance. The Chief Financial Officer ensures that the Strategic Risk Register (SRR) is properly maintained, that the relevant preventive and recovery measures are implemented, and that a sufficiently comprehensive set of risk management plans are maintained.

For control of operational level areas, Faculties, Departments and Professional Services sections maintain local operational risk registers that identify risks and relevant mitigating actions. Local risk management groups conduct operational risk register reviews at least once a year and material changes (the addition of new risks, the removal of risks and significant changes to risk ratings) are reported to RMG on a cyclical basis. This provides a clear route for risk identification and escalation. Risk owners are also required to report on the potential impact of risks on the Strategic Risk Register as well as any associated resource, legal, regulatory or equality implications, which require consideration by the University. Operational risk register updates enable RMG to understand local issues and to check consistency in scoring across broad risk themes; these, along with the strategic insight of RMG members and their knowledge of changes in the internal and external environment, allow RMG to assess the Strategic Risk Register critically on a termly basis.

Major movements in the risk environment and the University’s risk profile are then drawn to the attention of USG and ARMC by way of termly reports. This allows members of the executive team and external committee members to bring to bear their different perspectives, knowledge and experiences when scrutinising and contributing to the development of the Strategic Risk Register, ensuring that key areas of risk are not overlooked.

USG provides information to Council and to ARMC on a regular basis and will report on major risks and associated ameliorative measures. Council, which is responsible for reviewing the effectiveness of the internal control and risk management framework of the institution, will, on the basis of the information provided in the annual report from the Audit and Risk Management Committee, form a view on the effectiveness of the risk management framework. It provides guidance to USG on ways in which procedures may need to be improved. The Risk Management Policy is reviewed annually by the Risk Management Group, ensuring that the policy is updated periodically to ensure that it remains fit-for-purpose and in line with best practice.

Key risks

The University’s vision for 2028 is to be recognised nationally (ranked in the top 30 in the Times Good University Guide) and globally (ranked in the top 200 Times Higher Education World University Rankings) for the quality and impact of our transformational education and for the international excellence and world-leading quality, scale and impact of our research. The risk of the University not meeting its targets for overall performance and national and international ranking and academic standing has been evaluated as the highest rated strategic risk.

Essex saw vast improvements in Student Satisfaction (+41 places), one of only two new datasets used, in the latest publication of the Times Good University Guide (TGUG 2025), resulting in a rank improvement of 10 places, to 46th. This is our highest ranking in four publications and is our first rank rise in seven iterations, since the 2018 guide. Much of the fall in rank since that point can be attributed to successive methodology changes that have accompanied each release, including the removal of the Services/Facilities Spend metric (which Essex would have ranked 1st for in the previous two iterations), and the continued use of historic datasets including NSS 2022 (instead of NSS 2023) and pre-pandemic entry tariff scores.

We aspire to offer a transformational education to about 20,000 students, foster ground breaking research through a community of about 1,000 researchers, extend our knowledge base by investing in new disciplines that meet the needs of our time, and to ensure the financial sustainability of the University. All student recruitment markets remain volatile, with home recruitment still recovering from the impact of the pandemic, and international recruitment substantially impacted by changes in visa policy and political narrative; this has presented a risk to us achieving these aims, but we have been agile in our response through new product development, the introduction of a range of incentives to maximise applications and conversions, and enhanced investment in marketing, particularly for the clearing period.

A number of coincidental changes in senior leadership and governance roles presented us with a potential risk of a leadership vacuum. To mitigate this risk, we took several actions, including; the appointment of experienced internal members of staff with significant leadership experience to acting executive leadership roles; an effective and experienced executive group and Council with extensive experience of the University; well established mechanisms for ensuring regular and proactive interaction between the University’s executive and Council to ensure open dialogue and effective oversight; a clear and well-established strategic plan and strategic planning process to ensure the University community as a whole is clear on the University’s mission, priorities and aims and objectives across the transition period; the appointment of experienced individuals to new Council roles, following a handover period of up to 12-months.

Key Performance Indicators

Progress against key performance indicators, set in accordance with the University Strategy 2019-28, is summarised in the table below. Further below is a commentary on those indicators where we are performing well, improving or continuing to work hard on to see the performance to which we aim.

	Completion of 2023-24 Target	Latest Data	Performance at completion of 2023-24		Performance at completion of 2022-23
			Rank	Value	Rank	Value
1 - TGUG Rank1	30th	TGUG 2025	46th	636	56th	594
Guardian University Guide	-	GUG 2025	23rd	63.7	30th	63.5
Complete University Guide	-	CUG 2025	30th	741	32nd	712
Daily Mail University Guide	-	DMUG 2025	44th	726	41st	722
2 - THE-WUR Rank	250th	THE-WUR 2025	361st	50.8	326th	52.0
3 - TEF	Gold	TEF 2023	Silver	Silver	Silver	Silver
4 - Student Satisfaction	25th	TGUG 2025	39th	82.3	80th	73.0%
5 - Graduate Outcomes	25th	TGUG 2025	91st	72.1	77th	75.2%
6 - Student Outcomes (E&D) a. Progression	<10%	2023-24 Entrants	-	35.7% 2	-	36.8%
6 - Student Outcomes (E&D) b. Good Degrees	<10%	2023-24 Leavers	-	25.7% 2	-	24.4%
6 - Student Outcomes (E&D) c. Graduate Outcomes	<10%	2022-23 Leavers	-	12.1%	-	3.3%
7 - Research Degree a. Completion	70%	2023-24	-	92%2	-	92%
7 - Research Degree b. Awards	0.23	2022-23	-	0.22	-	0.20
8 - Research Quality	20th	TGUG 2025	41st	50.0	41st	50.0
9 - Citation Rates	40th	2019-23	81st	11.1	81st	10.2
10 - Research Income a. Income/Staff FTE	20th	2022-23	43rd	£51,487	43rd	£48,649
10 - Research Income b. Income from Industry	£10.6m	2022-23	14th	£4,954,000	14th	£4,539,000
10 - Research Income c. HE-BCI Income	£34.1m	2022-23	9th	£37,064,000	12th	£28,460,000
11 - Financial Sustainability a. Cash Surplus/Deficit	1.0%3	2023-24	-	1.7%	-	5.8%
11 - Financial Sustainability b. Institutional Liquidity Days	60	2023-24	-	141	-	169
11 - Financial Sustainability c. Institutional Borrowing	>1.5 3	2023-24	-	1.57	-	3.6

1. KPI-01: Council approved the change to the KPI-01 target (top 25) to Top 30 by 2028 – approved Spring 2023

2. KPI-06a, -06b, -07a: Are subject to change as data finalises through the autumn term

3. In the new financial environment, Council approved changes to the targets for KPI-11a Cash Surplus (2028 2% and, exceptionally, 1% for 2023-24) and KPI-11c (1.5x).

Consistently performing well

1. KPI-10b – Industry Income. This year we recorded our highest ever industry income figure showing consistent years of strong growth either side of the pandemic, and an immediate bounce back from the disruption caused by the pandemic. This latest income is 191% of the 2019 baseline figure.
2. KPI-10c – HE-BCI Income. This year we recorded a substantially improved income figure, our highest ever, showing an immediate bounce back from the disruption caused by the pandemic, and far surpassing the target for this KPI for the first time (to be above the average of the benchmark group). This latest income is 143% of the 2019 baseline figure.
3. KPI-07a – Research Degree Completion. This is, and has remained throughout, well above the target, having remained at over 90% (this year, 92%) for three years now.
4. KPI-06c – Student Outcomes (E&D) Graduate Outcomes. This KPI measures the extent of gaps for students achieving high level employment/further study in 6 protected characteristics. Although the proportion of gaps across our departments, across five characteristic groups of students, has risen slightly this year, it remains at a very low rate (representing just 8 gaps out of 66 instances), with every year since baseline being in single digit number of gaps.
5. KPI-11a, -11b, -11c – Financial Sustainability. Given the exceptional deterioration in the UK Higher education funding environment, the University Council agreed to reduce the cash surplus target (KPI 11a) from 5.5% to 1.0% for 2023-24 and 2.0% for each year thereafter, subject to annual review. For 2023-24, the revised target was exceeded with a cash surplus of 1.7% of total income. Targets were also exceeded for KPI 11b (60 days of liquidity) and KPI 11c (EBITDA of not less than 1.5* debt servicing).

Steady improvement

6. KPI-01 – TGUG Rank: improved by 10 rank positions this year, to 46th. This is our highest ranking in four publications and is our first rank rise in seven iterations, since the 2018 guide. Much of the fall in rank since that point can be attributed to successive methodology changes that have accompanied each release, including the removal of the Services/Facilities Spend metric (which Essex would have ranked 1st for in the previous two iterations), and the continued use of historic datasets including NSS 2022 (instead of NSS 2023) and pre-pandemic entry tariff scores.
7. Other domestic league tables: We use the TGUG as a way of benchmarking and monitoring our performance, but there are three other domestic league tables (the Guardian University Guide, Complete University Guide, the and the new Daily Mail University Guide) that we also monitor. In the Guardian University Guide (GUG), we were ranked 23rd, a rise of 7 places on last year and a 62-place rise over the past four publications. Again, we were ranked 4th nationally in the Guardian’s Value-Added metric – a metric that indicates the extent to which a student exceeded expectations, based on entry qualifications. In the Complete University Guide (CUG), we moved up two places to 30th in this year’s iteration. This included ranking 3rd nationally for facilities spend and 4th nationally for academic services spend. We are also 30th for research intensity. In the second iteration of the Daily Mail University Guide (DMUG), were ranked 44th having ranked 41st last year.
8. KPI-04 – Student Satisfaction. Having not used it in 2023, the TGUG did include the new version of the NSS this year, using an aggregate of NSS 2023 and 2024. This resulted in a rank rise of +41 places on the Student Satisfaction metric, to 39th. This includes rises of +42 places in the Teaching Quality half of the metric and +28 for the Student Experience half of the metric (which now ranks 25th).
9. KPI-07b – Research Degree/Staff FTE. This year saw a small rise in value, with a large rise in rank (+9). This increase is driven by an increase in the number of awards this year, coinciding with a small increase in staff FTE.
10. KPI-08 – Research Quality. Now using REF 2021, this score and rank will remain static for the next four publications of the TGUG. A conscious decision was made to provide a REF submission that maximised our QR funding potential of the submission, which is not always compatible with improved performance in the TGUG metric. This approach was successful and our recurrent research grant increased by £4.5m a year. Good progress is being made with early substantial preparations for the next REF that will take place in 2027-28.
11. KPI-09 – Citation Rates. We have seen consistent year on year growth in the citations per publication value, and although the rank has remained static this year, this represents the first year that we have not fallen in rank despite value increases – this suggests that we have eventually caught up with the sector and our competitors, having started from a considerable distance. Encouragingly, the size of our growth continues to exceed the growth of the sector. Scopus (the same database that we obtain the KPI data from), introduced a new metric termed, ‘Field Weighted Citation Index Median’, which takes into account outlier publications (publications that sit well above the norm). In this, Essex rank 47th in the sector – considerably higher than both our KPI, 81st and a similar metric we monitor, ‘Field Weight Citation Index’, 66th.
12. KPI-10a – Research Income/staff FTE. Although the rank position remained static, this year saw this metric rise for the first time in the strategic plan period. This is a result of massively growing Research income which this year hit an all time high of £34.33 million (+£4.2m on last year). This latest research income figure is 113% of the 2019 baseline figure. This research income figure is expected to rise again in the next reporting period.

Work in Progress

13. KPI-02 – THE-World University Rankings (WUR). We have fallen into the 351st–400th bracket, our lowest ever ranking. Although our specific rank is not published, we are able to self-calculate this to a strong degree of confidence and find we now rank 361st (having ranked 326th last year). Of UK institutions ranked in this table, we moved down 3 places to 39th. Within this table, we are 17th in the world for ‘International Outlook’.
14. KPI-03 – TEF. We were awarded Silver in TEF 2023, as well as Silver awards in both elements: student experience and student outcomes. This will now remain until the TEF 2027 exercise. As this TEF cycle assessed the period 2018-22, we now have 2023 and 2024 performance data to assess at an early stage the performance that will underpin the next TEF submission in 2027. This early insight shows the latest data, that which will constitute the first two years of the next cycle, sits materially above benchmark on two sections ‘Learning Resources’ and ‘Organisation and Management’, with a further six sections above benchmark. No overall metrics are regarded materially below benchmark. Therefore, this is – so far – improved performance on our TEF 2023 dataset.
15. KPI-05 – Graduate Outcomes. Having previously seen recovery following the pandemic period, We fell further behind the sector in the most recent year, falling 14 places to 91st in the TGUG. Robust plans are in place for and Graduate prospects/outcomes to return to the upwards trajectory in score, hopefully seeing rank improvements subsequently.
16. KPI-06a – Student Outcomes (E&D) (Progression). This KPI measures the gaps in progression rates across five protected characteristics for students successfully moving from their first year of study to their second. Over the past two years, we have reduced progression gaps significantly, marking a strong improvement in equitable progression.
17. KPI-06b – Student Outcomes (E&D) Degree Classifications. This KPI monitors attainment gaps across five protected characteristics in achieving 2:1 and 1st class degrees. We have made good progress in narrowing and/or eliminating the attainment gap between some characteristics, but there is still work to do in some areas. We continue to monitor progress and address this important issue.

2023-24 Financial Statements

Income 2023-24

Expenditure 2023-24

Student and staff numnbers

Liquidity days

Cash inflows and outflows

Capital investment

Public Benefit Statement

Our charitable aims

Our Royal Charter sets out the objectives which form our charitable purpose “to advance education, scholarship, knowledge and understanding by teaching and research for the benefit of individuals and society at large”.

Our University Strategy 2019-28 states that

• Our purpose is to benefit individuals and communities through excellence in education and research.
• We will put student success at the heart of our mission, supporting students from every background to achieve outstanding outcomes; preparing our students to thrive in their future lives and nurturing our community of educators to support and promote student success.
• Our research will continue to focus on asking difficult questions, challenging conventional wisdom, tackling with rigour the questions that matter for people and communities and putting ideas into action to improve people’s lives.
• We will be recognised nationally and globally for the quality and impact of a transformative education, and for the international excellence and world-leading quality, scale and impact of our research.
• We will nurture and celebrate our shared commitment to social action, supporting every person in our university community to realise the potential of their Essex Spirit through their contribution to our shared mission.
• We will have grown the University to achieve transformational research through our community of researchers and extend our knowledge base by investing in new disciplines that meet the needs of our time and to ensure the financial sustainability of the University.

Beneficiaries of our work

Our research and education contribute to improving people’s lives in the UK and internationally.

Our students are the main public beneficiaries of our work in education and research. We provide a transformational educational experience, encompassing both academic and extra-curricular activities, to enable all our students to fulfil their potential. Our global community of over 130,000 alumni, drawn from more than 140 countries, is taking their Essex Spirit out into the world and making change.

Other beneficiaries include companies, organisations and charities that employ our graduates, work with our academics on knowledge exchange projects, and access our training programmes.

Wider society benefits from the insights provided by our world-leading research in the social sciences, science and health, and the arts and humanities. Our work also makes a growing contribution to the local economy, underpinning the success of our region.

Governance

Members of Council are trustees of the University and our decision making pays due regard to the definition of public benefit outlined in the Charities Act 2011 and the Charity Commission’s guidelines on charitable purpose and public benefit, in particular, The Advancement of Education for the Public Benefit (Charity Commission, December 2008) and Public Benefit and Fee Charging (Charity Commission, December 2008).

We’re a Civic University

We are committed to enhancing the prosperity and wellbeing of communities across North Essex through our Civic University Agreement, signed in partnership with Colchester City Council, Tendring District Council, Essex County Council, and the North East Essex Health and Wellbeing Alliance.

This agreement aligns with the national Civic University Network’s mission to ensure universities make a meaningful impact within their communities, embedding civic aspirations into their work to drive positive social change. The launch event in October 2023 showcased key partnerships, including the Centre for Coastal Communities, the Heart of Greenstead, the Essex Centre for Data Analytics, and Freeport East.

Awards and rankings

Our excellence in research and education was recognised in 2023-24 with notable awards and high rankings in key national and international assessments.

In 2024, we were ranked 58th in the global Times Higher Education (THE) Impact Rankings out of 2,152 universities across 125 countries for our work in support of the United Nations Sustainable Development Goals. We are hugely proud of our Students’ Union, and were especially delighted when its VTeam volunteering programme was awarded the King's Award for Voluntary Service in 2023 - the highest national award a voluntary group can receive in the UK.

We are now one of the UK’s top 30 sporting universities, having achieved our highest ever ranking and points score in the British Universities and Colleges Sport table.

Continuing to lead in industry collaboration, we remain the number one UK university for active Knowledge Transfer Partnerships (KTPs), the flagship Innovate UK programme that connects academic research with businesses to develop new products and services.

Recognising the strength of our KTPs, we won the Best Management KTP award for our partnership with The Finishing Line, and Essex KTP Associate, Rodolfo Cuan Urquizo, won the Future Leaders Award at Innovate UK’s annual Knowledge Transfer Partnerships (KTPs) awards ceremony in Cardiff.

We also maintained our strong reputation as https://www.essex.ac.uk/news/2023/10/03/essex-is-one-of-the-top-uk-universities-for-partnershipone of the top UK universities for partnerships, ranking 14th out of 139 institutions in the Government’s Knowledge Exchange Framework (KEF), which measures the national impact of universities.

Our vibrant and impressive international community and commitment to global research collaborations contributed to Essex moving up to 15th for international outlook in the Times Higher Education World University Rankings.

The 2021 Research Excellence Framework (REF) confirmed our position as a powerhouse for social sciences research. We are ranked in the top 10 in the UK for research quality in economics and econometrics, modern languages and linguistics, politics and international studies, and sociology. We were also ranked in the top 10 for research impact in computer science, economics and econometrics, law, politics and international studies, and sociology.

Essex in Europe

We continue to be part of the Young Universities for the Future of Europe (YUFE) Alliance, one of the dynamic European University Alliances, selected by the European Commission. The Alliance enriches and enhances learning opportunities (including extra-curricular training activities) for the students enrolled across the network of ten European universities.

We have continued to lead the Alliance’s important diversity and inclusivity work, which is embedded across all its activities. In December 2023, we hosted a three-day conference, bringing together colleagues from across the YUFE alliance to collaborate on the partnership's mission to advance equity, diversity, and inclusivity.

We’ve also been involved in YUFE’s newest spin-off, BioYUFE, which allows any Master’s student at a YUFE university undertaking a biology or life science programme to be eligible to enrol for optional BioYUFE courses at partner institutions.

Essex is also part of YERUN – the Young European Research Universities Network, which brings together 23 like-minded young universities from across Europe, with the aim of strengthening and developing cooperation in research and academic training to benefit society.

As an active participant in the Research Matters Campaign, YERUN is part of a major collaboration between European universities, research organisations, funding agencies, industry partners and communication professionals. This campaign advocates for increased funding and recognition for research and innovation, uniting stakeholders in a common cause.

Education at Essex

We believe that learning extends beyond a student’s degree programme, so we offer a number of additional learning opportunities to complement our courses. Languages for All gives students access to language courses as part of their undergraduate degree at no extra cost. Data for All is designed to give all students, regardless of their previous experience, the chance to develop valuable data skills. Other strands are being developed as part of the wider Essex for All programme.

In September 2023, we received a silver rating in the UK Government’s Teaching Excellence Framework (TEF) in recognition of our “very high-quality education”.

We were shortlisted in the Times Higher Education Awards 2023 in the Outstanding Support for Students category for our Essex Preparation Programme, which is driving up engagement and retention and giving students greater confidence as independent learners.

Dr Rebecca Warren, inspired by her own experience as the first in her family to go to university, developed the Democracy in Action module and was subsequently shortlisted for the Most Innovative Teacher Award.

Our career development initiatives include our career mentoring programme, online careers events, and 1-1 support, alongside work placements, internships, and study abroad opportunities to help broaden our students’ horizons and equip them with valuable experience and skills. This includes our Frontrunner scheme, which offers part-time internships specifically designed for students with little to no work experience, giving them a chance to develop practical skills in a supportive environment. These initiatives not only benefit students but also enable businesses to tap into their knowledge, skills, and expertise.

We were one of just four universities to be shortlisted for the Supporting Student/Graduate Employability category in the AGCAS Awards for Excellence for the Chart My Path online portal, which was pioneered at Essex and which features over 190 activities aimed at helping students gain skills.

A collaboration between the University’s Industry Engagement and Placements team and Essex County Council was also shortlisted for the AGCAS Award for excellence in careers and employability service engagement in 2024. The partnership aims to offer students opportunities to enhance their workplace skills and includes an innovative, work-based learning module hosted by the Department of Government.

We believe our graduates benefit society, and the companies and organisations they work for, thanks to their research mindset, critical thinking, creativity, intellectual independence, excellent communication skills and leadership ability.

To ensure our students get the most innovative teaching, we encourage ongoing staff development and we celebrate success through annual Excellence in Teaching Awards. Academics also can gain professional recognition as Fellows of the Higher Education Academy (HEA) through our CADENZA programme.

New facilities

The University is making significant capital investments on the Colchester Campus with the opening of the Health, Wellbeing and Care Hub allowing students, academics, and health professionals to work together to provide innovative and integrated services to local people. This includes extensive placement opportunities for students, and research opportunities across nursing, oral health science, occupational therapy, physiotherapy, speech and language therapy, social work, clinical psychology, law, sports science, computing and related subjects.

In 2024, a new state-of-the-art indoor crop growth facility – the Smart Technology Experimental Plant Suite (STEPS) – opened in the School of Life Sciences. With one of the longest established whole plant physiology and photosynthesis groups in the UK, we’ve long been at the forefront of plant productivity research. This £3.5million facility enables plants to be grown in a suite of fully automated and adjustable environments, including dynamic tuneable lighting systems capable of replicating natural outdoor environments in real time, with fine-scale regulation of temperature, humidity, water availability and CO2 concentrations. An experimental, commercial-standard, vertical farm will further expand Essex’s research, expertise and knowledge in indoor plant growth.

The School of Health and Social Care has opened new skills labs and simulation spaces at both the Colchester and Southend campuses, allowing students to learn and practice the specific technical skills needed in clinical practice. The evolving development of simulation tools will also allow students to undertake high-fidelity simulation in scenario-based learning opportunities.

The School of Life Sciences has also created a new Aquatic Ecology Facility to support education and research into a range of aquatic organisms (e.g. coral, oysters and fish) and their associated microbiomes to address global challenges associated with fish and shellfish stocks, habitat restoration and climate change.

The School of Sport, Rehabilitation and Exercise Sciences has seen its facilities extensively refurbished and now boasts a wide range of modern labs for sport and exercise, physiotherapy and sports therapy students. The teaching, learning and research facilities now available in the School include physiotherapy labs, sport therapy labs, a sports psychology lab, a biochemistry lab, a biomechanics lab, an exercise physiology lab, and a human movement lab, as well as the Human Performance Unit with its impressive performance analysis technology.

Supporting the next generation of researchers

We are a leader in doctoral training and in developing the next generation of researchers. We are part of several doctoral training partnerships offering training and funding:

• The Advanced Research and Innovation in the Environmental Sciences programme, including EnvEast, equips postgraduate research students with the skills to become leaders in the science and sustainable business of the natural environment.
• The Consortium for the Humanities and the Arts Southeast England offers PhD studentships and research-led training across the arts, humanities and creative disciplines.
• The South East Network for Social Sciences offers studentships and advanced research training in a range of disciplines in the social sciences.

Through these initiatives we work with other leading higher education institutions to promote excellence in research, postgraduate research training and knowledge exchange. We are also a member of the Eastern Academic Research Consortium which provides opportunities for collaborative research and studentships in quantitative social science, digital humanities and synthetic biology.

In 2023-24, the Sustainable Transitions - Governance, Ecological Management and Society - Leverhulme Doctoral Training Programme was launched, bringing together our world-leading disciplines of life sciences, law, sociology, government and business. The programme and aims to train the next generation of interdisciplinary doctoral scholars with the skills and expertise to contribute to ‘sustainable transitions’ at local, national, and international levels.

Meeting different study needs

We offer various routes to an Essex degree to meet the needs of different learners, working with partners around the world to extend higher education opportunities.

We have an expanding programme of Higher and Degree apprenticeships, from our schools of Computer Science and Electronic Engineering, Health and Social Care, and Sport, Rehabilitation and Exercise Sciences. These programmes offer an alternative route into higher education, and we are working with employers to increase the number of apprenticeship places offered through Essex.

For those who want to study remotely, we offer undergraduate and postgraduate degrees, in collaboration with Kaplan Open Learning, through University of Essex Online and, through our growing network of global partnerships, students can also study for an Essex degree abroad, at institutions such as Aegean Omiros College in Greece, Beaconhouse International College in Pakistan, and Laksamana College of Business in Brunei.

Making a difference in our communities

For over 20 years, our students, supported by the Students’ Union, have been making change happen though the VTeam volunteering programme - giving their time, energy and talents to a host of projects to make a genuine and lasting difference to a wide range of communities.

Since 2016, over 6,700 students have logged 187,441 hours of volunteering, and this remarkable commitment earned the VTeam volunteering programme the King's Award for Voluntary Service in 2023.

VTeam delivers one-off projects and on-going initiatives, benefitting multiple generations, from young people through school clubs like Einstein, Lingo and Coding, to schemes supporting refugees with language skills and projects helping the elderly in residential homes. Essex Law School and the Human Rights Centre run several initiatives that support local communities, including the Human Rights Local project, which shows how human rights are closely linked to everyday life by working with local and community groups, local authorities and other stakeholders, and the Essex Law Clinic which offers free legal services to the local community, and educates people about their legal rights and obligations.

An inclusive community where everyone can succeed

We admit students on the basis of their merits, abilities and potential, regardless of race, ethnicity, gender identity, disability, age or other irrelevant distinctions, and our living and learning environment provides opportunities for everyone. We ensure all students have equal opportunity to succeed both during their time at university and after they graduate. That’s why we provide employability opportunities for everyone and support for under-represented groups in getting the experience they need to secure graduate level jobs.

We are also a University of Sanctuary committed to promoting a culture of welcome, safety and inclusion across our campuses and their wider communities. Among the many activities we undertake to support this work, our Sanctuary Scholarships support students who are refugees or seeking asylum to study for Postgraduate Taught Master’s degrees. We have also signed the Gypsy, Traveller, Roma, Showman and Boater (GTRSB) Higher Education Pledge to help raise awareness of the history and culture of the GTRSB community and to support GTRSB students in the community as well as GTRSB students on our campuses.

Our Transitions and Transformations: Black Researchers Journey project, supported by funding from Research England, continues to tackle persistent inequalities that create barriers for Black, Asian and minority ethnic students to access and take part in postgraduate research.

Research at Essex

Beneficiaries of our research

• Students benefit from our research-led teaching.
• Government bodies, non-governmental organisations and regional, national and international businesses benefit from our knowledge exchange and partnership opportunities.
• Individuals and wider society benefit from our research which engages with current issues to improve the quality of people’s lives and inform debates and policy development and implementation.

In 2023-24, our research income once again increased to reach an all-time high of £37.5 million, illustrating our success in attracting research grants at UK and international levels.

Our research strengths were highlighted in spring 2022 when the results of the Research Excellence Framework (REF) 2021 were published. This consolidated our reputation as a powerhouse for social sciences. We were ranked in the top 10 in the UK for economics and econometrics, modern languages and linguistics, politics and international studies, and sociology for research quality (Grade Point Average, REF 2021). Additionally, we were ranked in the top 20 for art history, law, and philosophy (Grade Point Average, Research Excellence Framework 2021), and in the top 10 in the UK for research quality for computer science, economics and econometrics, law, politics and international studies, and sociology (Times Higher Education 2022).

Communicating our research excellence

In November 2023, we took part in the national Being Human Festival. Dr Jordan Savage organised The Hungry Human series of events about food, story, history, and migration in Essex. This project had three main objectives:- to share our humanities food research; to encourage dialogue between different communities with an interest in food; and to use food as a way of helping people to share their voices and tell their own stories.

In June 2024, we supported the Essex Book Festival. Our academics took part in multiple events across the county, and we hosted a special day of activities at our Colchester Campus to mark our 60th anniversary and 25th anniversary of the Festival.

In Colchester, our postgraduate community once again organised the Pint of Science Festival across venues in the city centre, with scientists giving talks in packed pubs and bars to give the public insights into our science research.

Our Professorial Inaugural Lectures have continued in 2023-24, after being relaunched post-COVID. This series of regular public lectures are usually delivered on our Colchester Campus and give the public the chance to hear about the work of newly appointed professors.

The public can also engage with our research through our online activities. We are a partner of online news site The Conversation, which publishes news and views written by researchers. As of August 2024, our academics have contributed almost 861 articles, which have been read more than 27.2 million times globally. Our researchers also engage with print, broadcast, and online media to inform public debates about everything from air pollution to international relations, and publish their work in internationally recognised journals and via our University of Essex Research Repository.

Our global research agenda

Our research agenda tackles local, national, and international challenges. We have a global reputation in human rights, social scientific research, and data analytics and, notably, in 2013, Her Majesty the Queen conferred a Regius Professorship of Political Science on Essex, recognising 50 years of excellence in research and education in political science. We continue to expand the scope of our research, and, through our flagship centres and institutes, we foster interdisciplinary collaboration, enabling academics to produce research that delivers practical insights and real-world impact.

In June 2024, we launched a new Centre for Behavioural Science, creating new opportunities to expand partnerships and increase our impact in the study of behavioural science. The Centre is supported by over 120 members from across the University’s arts and humanities, social sciences, and science and health communities, fostering interdisciplinary collaboration and innovation.

The launch of our Centre for Healthcare Science in June 2024 brought together key partners from NHS England, NHS integrated care systems and trusts in the East of England, the National School of Healthcare Science, local secondary schools and further education colleges. This collaboration aims to raise the profile of healthcare science from a school-age level, establishing an East of England centre of excellence, and providing opportunities for training, future workforce development, and upskilling the existing workforce, while developing research and scholarship in the area. By fostering innovation, training, and research in healthcare science, this collaboration strengthens our ties with healthcare providers, enhancing the region’s capacity for excellence in this field.

Our Centre for Global Health and Intersectional Equity Research was launched in April 2024 to help academics and health professionals tackle global health challenges. The Centre will ensure policy makers and health professionals have access to the latest research, tools, methods, and data that can help protect the world’s most vulnerable people.

Academic year 2023-24 also saw the official launch event for the Centre for Coastal Communities. The special event brought together researchers, partners, and service users to investigate the challenges coastal communities face and the opportunities they offer.

Our world-renowned Human Rights Centre, Institute for Analytics and Data Science and Institute for Social and Economic Research, alongside our Institute of Public Health and Wellbeing, engage with national and international partners from non-governmental organisations (NGOs) and national governments, to the European Union and United Nations.

Each year we recognise the positive impact our researchers make on people’s everyday lives at our Celebrating Excellence in Research and Impact Awards. This year we made 14 awards across our three Faculties.

Our research environment

We are committed to the highest ethical and professional standards and have clear procedures and governance to ensure the integrity of our research.

We have developed a Researcher Development Framework which helps ensure our researchers can gain all the skills and training they need and access all the resources available to help them maximise the impact of their work.

In the most recent Research Excellence Framework, we ranked 1st in the UK for research environment for sociology, and within the UK top 10 for research environment and economics, politics and international studies, and modern languages and linguistics.

Research highlights 2023-24

• Professor Daniel Garrett, from the Department of Economics, won a £1.4 million European Research Council Consolidator Grant to research the cost of lying at work and how incentives can keep employees honest.
• The complex challenges facing our diverse UK coastal areas are the foci of the major £2.9 million ARISE project, led by Professor Gina Yannitell Reinhardt, from the Department of Government.
• Professor Kristian Gleditsch, from the Department of Government, is leading an ambitious £2.1 million project which is bringing together expertise from the UK and Africa to look into the potential impact of shared language in preventing violent conflict.
• A worrying gap between the amount of time mothers and fathers spend on childcare was highlighted in a study by Dr Giacomo Vagni, from the Department of Sociology.
• Achieving sustainability in the ready-made garment and fashion sector is the focus of a project led by Essex Business School academics. The interdisciplinary team will seek to encourage positive long-term changes within the industry.
• The true picture of pollution in the North Sea was revealed for the first time after the School of Life Sciences discovered pollution spiked by 10,000% near fossil fuel platforms.

• A unique £3 million plant lab was launched to help scientists create crops for “tomorrow’s atmosphere today”. The cutting-edge facility boasts an industry standard vertical farm.
• The secret to training Premier League star strikers was discovered by researchers in the School of Sport, Rehabilitation and Exercise Sciences. A study of Tottenham Hotspur’s academy has shown that just a few words can instantly boost sprinting speed by 3 per cent over 20 metres.
• Smiling for just a split second makes people more likely to see happiness in expressionless faces, new Department of Psychology research has revealed.
• The world’s largest brain study of childhood trauma has revealed it affects development and rewires vital pathways. The study by Dr Megan Klabunde uncovered a disruption in neural networks involved in self-focus and problem-solving.
• A new technique for monitoring brain waves was discovered, enabling the identification of the music to which someone listens. Researchers from the School of Computer Science and Electronic Engineering hope the project could help people with severe communication disabilities.
• Professor Wayne Martin, Director of our Essex Autonomy Project, helped inform a landmark judgement in the case of Sudiksha Thirumalesh which will help secure the rights of patients who disagree with their doctors.
• An award-winning play, written by Professor Elizabeth Kuti from the Department of Literature, Film, and Theatre Studies opened at Dublin’s Abbey Theatre as part of an ambitious project celebrating women writers.
• Turkish kebabs were revealed as an unexpected dish fit for a king in a detailed analysis of food eaten by King George III and his son the Prince Regent, George IV by historian Dr Lisa Smith.
• Dr Francis Rees, of Essex Law School, began work on drawing up new guidelines for parents and employers of child influencers to give them better social, legal, and financial protection.
• The Online Safety Act achieved Royal Assent thanks to years of tireless work from Essex Law School’s Professor Lorna Woods. Professor Woods is continuing to provide advice and support to Ofcom to oversee the implementation of the landmark Act.
• Essex’s Digital Verification Unit supported United Nations and Amnesty International investigations into human rights abuses committed against protestors in Iran. Law staff and students verified and analysed videos and photos for the Iranian Archive, which is made up of more than 1.3 million pieces of evidence.

Community engagement

Schools’ outreach

Our broad outreach programme delivers in-school sessions, community events and welcomes school children to our campuses to explore higher education and enjoy taster sessions.

We are committed to ensuring all students with the potential to succeed, no matter their background, can understand more about Essex and the benefits of a university education. Our Access and Participation Plan sets out that commitment.

The University’s Outreach team secured external funds of £79k from Essex County Council to deliver the Tendring Future Skills initiative this financial year and secured an additional £68k of external funding to deliver projects within the community during the next financial year.

We are the lead institution for Make Happen – part of the Office for Students’ UniConnect programme – which aims to increase the number of young people from underrepresented groups who go into higher education.

Through our University’s outreach activity, we engaged with over 15,250 students, teachers and parents through a total of 242 different activities. Make Happen engaged with over 9,476 individuals across 380 different activities, supporting them to make informed decisions about their future.

Working with business

We are committed to stimulating economic growth and nurturing cultural and social development. We aim to share our world-class research through commercial applications that make the world a better place.

In October 2023, we were once again recognised as one of the very best universities for working with businesses, charities and public services, according to the Government’s Knowledge Exchange Framework (KEF). We were ranked 14th out of 139 institutions in seven areas (known as perspectives), and 4th nationally for ‘working with the public and third sector”. Our other strengths include commercialisation, working with business and public, and community engagement.

We continue to extend our regional role in promoting growth as a founding partner of Freeport East, which is leading ambitious plans for developments in Harwich and Felixstowe, including new clean energy and offshore wind capacity.

In December 2023, we co-commissioned a report which identified the need for an iconic, multi-million-pound innovation hub in Harwich to provide a focus for forward-thinking businesses and organisations, supporting the town’s progress to becoming a national leader in clean energy. We have continued to support this strategic project, and, in July 2024, we helped host a very successful event in Harwich on the potential of the innovation cluster, which was attended by more than 50 business representatives.

Knowledge Gateway

We have invested over £80 million in the Knowledge Gateway, our 43-acre research and technology park, which is home to Parkside Office Village and the Innovation Centre and provides 71,000 square feet of office space. Knowledge Gateway is also home to Essex Business School, and Angels@Essex, our growing innovative investment arm.

In March 2024, the latest £10.7 million phase of Parkside officially opened. Clingoe House, the largest new office facility of its kind in the eastern region, is the home of our Institute of Public Health and Wellbeing and the pioneering Health, Wellbeing and Care Hub. In July 2024, leading tech company, MSX International, confirmed it would be moving its UK headquarters to the landmark building.

In May 2024, Angels@Essex celebrated its fourth anniversary and the registration of close to 200 high net worth individuals, syndicates, and fund managers with global reach. Since its establishment, Angels@Essex has raised over £85.5 million in equity and facilitated 210 investments. It is estimated that Angels@Essex has created or saved 652 jobs and brought 119 services and products to market, with the cumulative post money valuation now standing at more than £682m.

The rest of Parkside remains a thriving business community with Adauxi and Oakpark Security joining existing tenants. Meanwhile, the nearby £12m Innovation Centre, managed by leading operator, Oxford Innovation, provides space and hands-on support to up to 50 start-ups and businesses looking to grow.

Together, these vibrant spaces provide high-quality meeting and conference rooms, communal areas for business networking, and vital hands-on support to help start-up companies, and those ready to scale up their business, to succeed.

Knowledge Transfer Partnerships and business

Knowledge Transfer Partnerships (KTPs), funded by Innovate UK (part of UK Research and Innovation), bring together businesses with innovation ideas and university expertise to develop new products, services or technologies, driven by research and qualified graduates.

Essex has been the number one university in the UK for active KTPs since October 2022, with over 40 projects currently live and valued at over £9.8m. Our KTPs cover many industry sectors, including:

• Healthcare
• Insurance
• Charity
• Agriculture
• Supply Chain and Logistics
• Manufacturing
• HR
• Legal
• Finance

Inspired by the KTP model, the Business Engagement team also develops partnerships to stimulate innovation in regional areas where companies might face challenges to develop new products and services.

In partnership with Babergh & Mid Suffolk District Councils, the Innovate to Elevate: Babergh & Mid Suffolk programme offers local businesses the opportunity to apply to take part in fully funded collaborative projects with Essex researchers. Ten businesses from across the region have already benefited from the programme so far, which has seen the partnership renewed for a second year.

Student employability and entrepreneurship

We support entrepreneurial learning across the curriculum, empowering individuals with enterprising aspirations from all backgrounds, and nurturing innovation.

Our dedicated Essex Startups team has developed a comprehensive programme to engage students with an entrepreneurial-mindset and to support the expansion of their enterprise knowledge and skills, from idea creation to MVP launch and beyond.

Essex Startups places entrepreneurship and enterprise at the heart of the student experience, delivering co-curricular entrepreneurship modules for Essex Business School, Edge Hotel School, the School of Sport, Rehabilitation and Exercise Sciences, and Essex Law School.

We have developed a series of targeted programmes for under-represented groups within our start-up community, incorporating interactive workshops with expert external speakers to inspire students and assist in broadening their professional networks.

Sporting success

Essex Rebels and Essex Blades

Involvement in high-quality sport enriches the educational experience of our students.

In 2023-24, the Essex Blades sports teams achieved their highest-ever points total in the British Universities and Colleges Sport (BUCS) competition, breaking into the top 30 for the first time in our history.

All four of our men's and women's basketball and volleyball teams were crowned BUCS Premier South League Champions, with the women's basketball team advancing to the BUCS National Championship Final.

Both the men's and women's volleyball teams also reached the Volleyball England Super League Final 4, with the men's team securing a bronze medal. Additionally, the men's basketball D3 team remained unbeaten throughout the season, becoming National Playoff Champions and earning promotion to Division 2, further solidifying our elite status.

The 2023-24 season has been our most successful to date for our professional basketball teams. Our women's team reached the WBBL Betty Codona Trophy Final, facing the London Lions, while the men's team made it to the Basketball England National Cup semi-finals, narrowly missing promotion to the top tier of the national league.

The Essex Rebels, based at the Essex Sport Arena on our Colchester Campus, now compete at an elite national level in both basketball and volleyball. This pathway starts with our Essex Rebels Junior Basketball Club, established in 2019 with 220 participants, and extends to University students competing at the highest levels.

The Essex Rebels have continued to enjoy strong engagement and support from both students and the wider public. This season saw record-breaking single-game attendance in the WBBL, NBL, and Volleyball Superleague. The Essex Rebels women's basketball team now boasts the highest average attendance of any professional women’s basketball team in the UK, with a record-breaking 1,500 spectators attending an International Women’s Day event in March 2023. Our commitment to providing an outstanding spectator experience has also been recognised. For the second consecutive year, we were awarded Basketball England's prestigious 'Best Gameday Experience’ Award.

Developing sporting talent

Essex Cricket and the University of Essex were successful in winning a bid to form a Tier One professional women’s cricket team. This means that Essex has been awarded one of just eight teams in the ECB's new top-tier women's league, which launches in 2025.

Talented athletes joining the University of Essex’s Performance Sport programme benefit from expert coaching, access to world-class sporting facilities, and specialist support designed to develop both individual athletes and teams, helping them to realise BUCS, national and international success.

We have strong partnerships with Basketball England, the Football Association (FA), the Lawn Tennis Association (LTA), Volleyball England, Essex County Cricket Club, and Sport England’s Talented Athlete Scholarship Scheme (TASS) and have received TASS Dual Career Accreditation for helping young athletes to gain qualifications while developing their sporting talent.

Additionally, Essex is an FA Women’s High-Performance Football Centre. This initiative focuses on enhancing the quality and quantity of coaches in the women’s and girls’ games, particularly those involved in the FA Talent Pathway and Women’s National League.

Art and Culture

Live theatre

We have a theatre on each of our three campuses, offering professional and student-led productions which provide a vibrant drama scene for both our on-campus and local communities.

The Lakeside Theatre at our Colchester Campus primarily supports the development of skills within the performing arts for all Essex students, while also providing a hub of live theatre and entertainment for local patrons, largely based in Wivenhoe and Colchester. The Lakeside Theatre’s Homegrown programme offers students from all disciplines the opportunity to bring their ideas to the stage and perform in front of a live audience of their peers and visitors from the local area.

This year at the Lakeside Theatre, ten Homegrown shows were produced, directed, written, and acted by Essex students and alumni on the 35-seater studio stage, and four professional theatre productions by Essex students and alumni sold out the 200-seater main stage. Four of the Homegrown and professional student and alumni shows have gone on to feature at the Camden and/or Edinburgh Fringe Festivals this summer.

The Lakeside Theatre team collaborated with PhD Theatre Studies candidate Noah Alfred Pantano to deliver a curation of LGBTQ+ events, screenings, and theatre as part of LGBTQ+ History Month 2024, working with the Colchester based LGBTQ+ community to present new writing and historical pieces that encapsulated LGBTQ+ history and pride.

For Black History Month, the Lakeside Theatre worked with productions Fatherhood and You Are African First Before Anything to facilitate engaging post-show Q&A sessions which opened exciting dialogues with the Black and Asian communities on campus and in the local area.

The Corbett and Clifftown Theatres are an integral part of our East 15 Acting School at our Loughton and Southend Campuses and host exciting programmes of groundbreaking theatre. These spaces offer a unique teaching environment for our acting students, while also offering the chance for students to create new work that is often inspired by contemporary issues and the communities in which the theatres are based. Work created by East 15 Acting School often features in national and international festivals, including the world-famous Edinburgh Fringe Festival. As the highest ranked acting school in London and the south east according to the Guardian University Guide, East 15 is developing the next generation of theatre makers.

Art and exhibitions on our campuses and beyond

The Essex Collection of Art from Latin America (ESCALA) comprises over 800 works, and provides teaching and research space for students, staff, and the wider community. We display works from the collection publicly across our Colchester Campus and the whole collection is accessible online.

2024 saw the celebration of the 30th anniversary of ESCALA with the exhibition Trinta/Treinta/Thirty in the Art Exchange, the commission of a new artwork inspired by The Collection, Axis Mundi by London based Peruvian artist Rebeca Romero, and a celebration event at the Lakeside Theatre where founding Directors of ESCALA, Professor Dawn Ades CBE and Professor Valerie Fraser, discussed their experiences of establishing The Collection in December 1993. The ESCALA curators collaborated with students and new artists to look to The Collection’s future as the UK’s largest public collection of art from Latin America. The celebrations culminated in the inclusion of ESCALA into Essex’s 60 Stories to commemorate the 60th anniversary of the University.

Art Exchange, our Colchester Campus gallery, has a year-round programme of free events and exhibitions attended by our campus community as well as members of the public. From April to June 2024, Art Exchange hosted an exhibition created by Essex MA Curating students titled Lavender Menace: The Language of Queer Feminism which explored the representation of feminist activism and queer sexuality in contemporary art, through written language.

The Autumn Term exhibition I Put a Spell on You explored escapism, witchcraft and fantasy world building, and the Spring Term featured a solo artist show focussed on Hetain Patel’s film, The Jump. I Put a Spell on You saw record attendees by students, university staff and the public of 11,586 (9,143 of whom were from outside campus), and Hetain Patel’s show received very positive feedback – particularly from our Indian and migrant student populations.

Art Exchange also works in collaboration with Focal Point Gallery, South Essex College and Southend-on-Sea City Council to programme content for the Big Screen Southend. The Big Screen Southend is a community art project which screens artist commissions daily to the public. Art Exchange contributed three films to the project in 2023-24: Akinsola Lawanson’s Bosode; Wilson Díaz’s Baño en el cañito (from The Essex Collection of Art from Latin America); and Hetain Patel’s How to Make a Proper Cup of Tea. The films were contributed as part of the extended public programmes of exhibitions featured in Art Exchange in 2023-24 and reached an estimated 43,715 members of the public.

The Albert Sloman Library regularly hosts exhibitions and displays inspired by its special collections. Daniel & Clara: The Watcher and The Bird is an exhibition of a film and diary entries created by local artists, Daniel & Clara in response to J.A. Baker’s 1967 book, The Peregrine. The Albert Sloman Library holds the J.A. Baker archive within its special collections.

In Autumn 2023, the Albert Sloman Library hosted the public exhibition William Blake: Prophet Against Empire. Curated by MA Curating 2023 graduate, Adhithi Ravikumar, the exhibition explored the critical stance that Blake took against the Age of the Enlightenment through the facsimiles of Blake’s books and prints which are held in the Albert Sloman Library’s special collections.

Many items from the J.A. Baker archive are currently on loan to the Chelmsford Museum for Restless Brilliance: The Story of J.A. Baker and The Peregrine, an exhibition co-curated by the curatorial teams at the University of Essex and Chelmsford Museum. The exhibition explores Baker’s life and his love of nature and writing in the heart of the city that he called home. It is the first time that the collection has been on public display and exhibits items supplied by celebrity fans of Baker’s, David Attenborough, and Chris Packham.

The University’s special collections were further opened up to the public when PhD Literature candidate Jordan Welsh collaborated with our archivists to organise the Margery Allingham Centenary Celebration event at the Lakeside Theatre. The event included an exhibition of the Margery Allingham Archive, which is held by the University’s special collections, and a celebratory evening that included talks by academics, fans of her crime fiction, and the locally based Margery Allingham Society.

Essex Book Festival

2024 saw the 25th anniversary of Essex Book Festival, of which we continue to be a valued supporter.

The 25th Festival opened with a launch day entitled This Land where Essex Book Festival took over our Colchester Campus. It began with the Radical Essex Procession of flags as part of the Beach of Dreams project, where 500 flags were marched by volunteers from St Leonard-at-the-Hythe Church to the University of Essex.

Other activities on the day included Launch Pad Workshops in Art Exchange where visitors were invited to make traditional ink gall, explore calligraphy, create prints using a traditional printing press, and explore book making, all with the aim of crafting a People’s Festival Charter for the next 25 years.

Also in Art Exchange, Colchester-based Signals Media delivered a Game Changer Workshop where high school aged children were encouraged to recode classic video games to deliver messages on environmental action and climate change.

The Tasting Menu: Poetry Open Mic also took place in Art Exchange, showcasing the poetic talent from the University, student voices and performers from the local communities.

Dr Sarah Demelo delivered a session on Charters and Radicals, exploring items from the University of Essex’s special collections which traced the region’s heritage of protest and social movements.

The Lakeside Theatre hosted several events throughout the launch day, including:

• Gregory Betts and poet Philip Terry delivering a Radical Translation Workshop discussing their publications BardCode and Vanitas.
• Don’t Stave the Arts - Feed Them was a long table conversation about the arts facilitated by Essex’s Marina Cusi Sanchez and Dr Jordan Savage.
• Women Life Freedom was an event exploring protest through art from Saqi Books which included live performances by Tasalla, Fari Bradley and Roshi Rouzbehani, a panel discussion hosted by Malu Halasa and an exhibition of artwork.
• Author, playwright, and journalist Neil D’Arcy-Jones ran a Writing the Place Workshop based on the 25 Essex destinations that contributed to the making of Essex Book Festival’s 25th Edition oak gall ink.
• A Beach of Dreams creative writing workshop was led by Dr James Canton and the Wild Writing team from our Centre for Creative Writing.

The launch day culminated in Festival Patron and University of Essex Chancellor, Dr Sarah Perry, discussing her new book, Enlightenment, in Essex Business School’s impressive auditorium with Essex Book Festival Chair, Peter Donaldson, of Colchester’s Red Lion Books. Enlightenment has since been longlisted for the Booker Prize 2024.

Other Festival highlights included PhD Creative Writing candidate Lelia Ferro’s curation How We Live In Essex Through the Seasons, an exhibition at Jaywick’s Martello Tower which sought to reveal the hidden voices of Essex through poetry, textiles, and photography. The exhibition included poems written by Leila as part of her PhD.

Corporate Governance and Accountability

The University is a higher education provider incorporated by Royal Charter. The University’s governing body, Council, is committed to achieving high standards of corporate governance in line with accepted best practice.

At Essex, we are committed to upholding exemplary standards of corporate governance. We have adopted the Committee of University Chairs' (CUC) Higher Education Code of Governance (September 2020), the CUC Higher Education Senior Staff Remuneration Code (November 2021), and the CUC Higher Education Audit Committees Code of Practice (May 2020). Regular reviews ensure our adherence to these codes and help us maintain robust governance practices.

We are dedicated to elevating continuously our 'very good' standard of governance₁. To this end, we actively monitor the outcomes of the 2019-20 independent review of the effectiveness of Council, the 2021-22 independent review of Council's size and composition, and the 2022-23 Senate effectiveness review, refining our approach as necessary.

In addition, we have initiated a focused review of our Council induction programme to ensure it fully supports all members of the governing body as they transition into their roles. Recommendations from this review will be received in the Autumn Term of 2024-25.

The University Council

Members of Council are the trustees of the University, which is an exempt charity. The University’s Council comprises 19 members, the majority of which (11) are drawn from outside the University. Internal members of Council (8) are appointed on an ex officio basis (3), including the President of the Students’ Union, or elected by and from amongst the academic members of the Senate (4) and by and from amongst the professional services staff (1).

The roles of Chancellor and Pro-Chancellor (including the Chair of Council) are separated from the role of the University’s Chief Executive, the Vice-Chancellor. The University Treasurer performs the role of Senior Independent Director.

The Council of the University has adopted a Statement of Primary Responsibilities, which is published on the University website. The statement sets out the Council’s responsibilities in respect of powers of appointment and employment, financial and legal powers, planning, monitoring, control, and student welfare. The Council held four ordinary meetings during the year, and one full away day. A series of additional training, development and engagement opportunities were offered between meetings, as were regular briefings and updates on key issues. The now well-established annual meeting of the Senate and the Council was held in July, to which members of the Students’ Union Trustee Board were also invited.

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[1] (AdvanceHE, 2020:8): https://www.essex.ac.uk/-/media/documents/about/governance/council-effectiveness-review.pdf

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Responsibilities of the Council

Council is responsible for preparing the Strategic Report, the Public Benefit Statement, the Corporate Governance Statement and Statement of Internal Control, and the financial statements in accordance with the requirements of the Office for Students’ Terms and Conditions of Funding for Higher Education Institutions and Research England’s Terms and Conditions of Research England Grant and applicable law and regulations.

Council is required to prepare the group and parent university financial statements in accordance with UK accounting standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland. The terms and conditions of funding further require the financial statements to be prepared in accordance with the 2019 Statement of Recommended Practice – Accounting for Further and Higher Education, in accordance with the requirements of the Accounts Direction issued by the Office for Students.

Council is required to prepare financial statements which give a true and fair view of the state of affairs of the group and parent university and of their income and expenditure, gains and losses and changes in reserves for that period. In preparing each of the group and parent University financial statements, Council is required to:

• select suitable accounting policies and apply them consistently;
• make judgements and estimates that are reasonable and prudent;
• state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
• assess the group and parent University’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
• use the going concern basis of accounting, unless it either intends to liquidate the group or the parent University, to cease operations, or has no realistic alternative but to do so.

Council is responsible for keeping adequate accounting records that are sufficient to show and explain the University’s transactions and disclose with reasonable accuracy at any time the financial position of the University. It is responsible for such internal controls as it determines are necessary to enable the preparation of financial statements, ensuring that they are free from material misstatement, whether due to fraud or error. Council has a general responsibility for taking such steps as are reasonably open to it to safeguard the assets of the group and to prevent and detect fraud and other irregularities.

Council is also responsible for ensuring that:

• funds from whatever source administered by the group or the University for specific purposes have been properly applied to those purposes and managed in accordance with relevant legislation;
• funds provided by the Office for Students and Research England have been applied in accordance with the terms and conditions attached to them;
• there are appropriate financial and management controls in place to safeguard public funds and funds from other sources; and
• the economical, efficient and effective management of the University’s resources and expenditure is secured.

Council is responsible for the maintenance and integrity of the corporate and financial information included on the University’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Internal Control

The key elements of the University’s system of internal control, which is designed to discharge the responsibilities set out above, include the following:

• clear definitions of the responsibilities of, and authority delegated to, heads of academic departments and administrative sections;
• a short- and medium-term planning process, supplemented by detailed annual income, expenditure and capital budgets;
• regular reviews of academic performance and financial results involving variance reporting and updates of financial outturns;
• defined and formalised requirements for the approval and control of expenditure, with investment decisions involving capital or revenue expenditure being subject to formal detailed appraisal and review according to appropriate levels set by Council;
• Financial Regulations, including financial controls and procedures, approved by Council on the recommendation of the Audit and Risk Management Committee;
• a professional Internal Audit team whose annual risk-based programme is approved by the Audit and Risk Management Committee; the Director Internal Audit expressed the following opinion for the year ending 31 July 2024: ‘The University’s arrangements for risk management control and governance, and economy, efficiency and effectiveness are adequate and effective. This does not mean that all aspects are adequate and effective, but there are no indications of a material weakness in them. A material weakness is defined as one that could lead to a significant impact on the business, operations or standing of the University’;
• regular reports on internal control, compliance and risk received and reviewed by the Audit and Risk Management Committee which, in turn, are reported to Council and which cover all controls (financial, business and operational); and
• risk identification and management arrangements which include a Strategic Risk Register containing weightings (of likelihood and impact) linked to the Strategic Plan and which also informs the Internal Audit planning process.

Any system of internal control or risk management is designed to manage rather than eliminate the risk of failure to achieve business objectives and can only provide reasonable, but not absolute, assurance against material misstatement or loss.

The Committees of Council

The Council delegates some business to several committees:

• Audit and Risk Management Committee
• Policy and Resources Committee
• Nominations Committee
• People Supporting Strategy Committee
• Remuneration Committee

All of these committees are formally constituted with published terms of reference. The disclosures in relation to these committees follow those in respect of Council itself.

The Audit and Risk Management Committee has no executive responsibility and comprises solely external members, at least two of whom (excluding the Chair) are external members of Council, and at least one of whom has recent and relevant experience in finance, accounting, or auditing.

Audit and Risk Management Committee relies on the work of internal and external audit, on information provided by management and on management responses to the questions it raises. The identification and management of risk is an ongoing process specifically linked to the objectives in the University Strategy and is monitored closely by Audit and Risk Management Committee. The Audit and Risk Management Committee reports on the results of risk identification, evaluation, and management to Council, which also receives the Strategic Risk Register for regular review. The Committee met four times in the year.

The responsibilities of the Audit and Risk Management Committee include:

• reporting to Council annually on the effectiveness of the internal control system and the pursuit of value for money, together with an opinion on risk management and data quality;
• advising on the appointment of the Internal Auditor and approval of the internal audit plan;
• receipt of both an annual report from Internal Audit, which includes an opinion on the degree of assurance of the University’s system of internal control, and a report on each assignment including recommendations; and
• advising the Council, as necessary, on the appointment of the External Auditors, to receive their reports and review their performance and effectiveness.

Internal Audit is responsible for providing an objective and independent appraisal of all the University’s activities. The Internal Audit work programme is risk-based and is updated to take account of changes in the University’s risk profile. Progress made on recommendations by the University is reported to the Audit and Risk Management Committee.

In respect of its development, strategic management and financial responsibilities, Council receives recommendations and advice from the Policy and Resources Committee. The Committee met six times during the year. Both Council and Policy and Resources Committee receive reports on business, operational and compliance matters from the University Steering Group.

The Nominations Committee makes recommendations for the appointment or re-appointment of members of Council, its committees, and Court, and oversees the mechanisms for the recruitment and selection of independent non-executive directors of the University’s subsidiary companies. The Committee met three times during the year.

The People Supporting Strategy Committee provides oversight of the University’s People Supporting Strategy and workforce plan, and makes recommendations to Council regarding strategic people policies, plans and strategic framework for reward and recognition. The Committee met twice during the year.

The Remuneration Committee determines the annual remuneration of the most senior staff, including the Vice- Chancellor. The Committee met once during the year.

The University of Senate

The Senate is the highest academic authority of the University. It is responsible for the promotion of academic work in both teaching and research, for the regulation of educational arrangements and the maintenance of discipline. It receives quality audit reports from both external regulators and in-house departmental reviews.

The University Court

The University Court is a formal body established under the Charter and Statutes. Its main function is to receive a report from the Vice-Chancellor on the workings and sustainability of the University since the last meeting. The Annual Meeting took place at our Colchester Campus on Thursday, 27 June 2024.

Council Members (Trustees)

The following table outlines membership of the University Council during 2023-24.

	Terms of appointment
	Term 1	Term 2	Term 3
External members (11)
Jane Hamilton, Pro-Chancellor/ Chair from: 1/8/19	1/8/15 - 31/7/18	1/8/18 - 31/7/21	1/8/21 - 31/7/24
Paul Jackson, Pro-Chancellor from: 1/8/20	1/1/17 - 31/7/19	1/8/19 - 31/7/22	1/8/22 - 31/7/25
Dr Adam Wright, Pro-Chancellor from 1/8/23	1/8/16 – 31/7/19	1/8/19 – 31/7/22	1/8/22 – 31/7/25
Tim Porter, Treasurer from 1/8/16	1/8/14 - 31/7/17	1/8/17 - 31/7/20	1/8/20 - 31/7/23 1/8/23 – 31/7/24 (reappointment by Council as an exception in March 2023)
Julie Bentley	1/1/24 – 31/12/26
Obum Ekeke	1/8/21 - 31/7/24
Simon Hall	1/8/16 - 31/7/19	1/8/19 - 31/7/22	1/8/22 - 31/7/25
Pravina Ladva	1/8/20 - 31/7/23	1/8/23 - 31/12/23
Melanie Leech	4/4/19 - 31/7/21	1/8/21 - 31/7/24
Dr Ajit Menon	1/8/23 – 31/7/26
Alan Newman	1/8/23 – 31/7/26
Mickola Wilson	1/8/23 – 31/7/26
Ex officio members (3)
Professor Anthony Forster, Vice-Chancellor	N/A
Professor Lorna Fox O'Mahony, Deputy Vice-Chancellor	N/A
Kieran Phillips, President of the Students’ Union	1/7/23 - 30/6/24
Lily-May Cameron, President of the Students’ Union	1/7/24 - 30/6/25
Members elected by Senate (4)
Dr Laurie James-Hawkins	22/9/23 – 31/7/26
Professor Shane Martin	22/9/23 – 31/7/26
Professor Onyeka Osuji	22/9/23 – 31/7/26
Professor Diana Presciutti	22/9/23 – 31/7/24
Member elected by the non-academic staff (1)
Zoe Manning	25/9/23 – 31/7/26

Independant Auditors Report to the Council of University of Essex

Opinion on the financial statements

In our opinion, the financial statements:

• give a true and fair view of the state of the Group’s and of the University’s affairs as at 31 July 2024 and of the Group’s and the University’s income and expenditure, gains and losses, changes in reserves and of the Group’s and the University’s cash flows for the year then ended; and
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.

We have audited the financial statements of University of Essex (“the University”) and its subsidiaries (“the Group”) for the year ended 31 July 2024 which comprise the Consolidated and University statement of comprehensive income and expenditure, the Consolidated and University statement of changes in reserves, the Consolidated and University balance sheets, the Consolidated cash flow statement 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).

We have audited the financial statements of University of Essex (“the University”) and its subsidiaries (“the Group”) for the year ended 31 July 2024 which comprise the Consolidated and University statement of comprehensive income and expenditure, the Consolidated and University statement of changes in reserves, the Consolidated and University balance sheets, the Consolidated cash flow statement 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).

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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We are independent of the Group and the University 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Members of Council’s 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 and the University’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 Members of Council with respect to going concern are described in the relevant sections of this report.

Other information

The Council is responsible for the other information. The other information comprises the information included in the Strategic report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

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.

Opinion on other matters required by the Office for Students (“OfS”) and UK Research and Innovation (including Research England) and the Education and Skills Funding Agency

In our opinion, in all material respects:

• Funds from whatever source administered by the University for specific purposes have been properly applied to those purposes and managed in accordance with relevant legislation.
• Funds provided by the OfS, UK Research and Innovation (including Research England), the Education and Skills Funding Agency and the Department for Education have been applied in accordance with the relevant terms and conditions
• The requirements of the OfS’s Accounts Direction (OfS 2019.41) have been met.

We have nothing to report in respect of the following matters in relation to which the OfS requires us to report to you if, in our opinion:

• The University’s grant and fee income, as disclosed in notes 1 and 2 to the accounts, has been materially misstated.
• The University’s expenditure on access and participation activities for the financial year, as has been disclosed in note 11 to the accounts, has been materially misstated.

Responsibilities of the Members of Council

As explained more fully in the Responsibilities of Council, the Members of Council 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 Members of Council 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 Members of Council are responsible for assessing the Group and the University’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 Members of Council either intends to liquidate the Group or the University 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.

Extent to which the audit was capable of detecting irregularities, including fraud

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:

Non-compliance with laws and regulations

Based on:

• Our understanding of the Group, University and the sector in which it operates;
• Discussion with management and those charged with governance (including the Audit and Risk Management Committee and internal audit provision);
• Obtaining and understanding of the Group’s and University’s policies and procedures regarding compliance with laws and regulations; and
• Direct representation from the Accountable Officer.

we considered the significant laws and regulations to be The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Companies Act 2006, the Charities Act 2011, Corporate and VAT legislation, Employment Taxes, and the Bribery Act 2010.

The Group is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be health and safety legislation.

Our procedures in respect of the above included:

• Review of minutes of meeting of those charged with governance for any instances of non-compliance with laws and regulations;
• Review of correspondence with regulatory and tax authorities for any instances of non-compliance with laws and regulations;
• Review of financial statement disclosures and agreeing to supporting documentation;
• Involvement of tax specialists in the audit; and
• Review of legal expenditure accounts to understand the nature of expenditure incurred.

Fraud

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:

• Enquiry with management and those charged with governance (including the Audit and Risk Management Committee and internal audit provision) regarding any known or suspected instances of fraud;
• Obtaining an understanding of the Group’s policies and procedures relating to:
  • Detecting and responding to the risks of fraud; and
  • Internal controls established to mitigate risks related to fraud.
• Review of minutes of meeting of those charged with governance for any known or suspected instances of fraud;
• Considered management’s incentives and opportunities for fraudulent manipulation of the financial statements;
• Discussion amongst the engagement team as to how and where fraud might occur in the financial statements; and
• Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

Based on our risk assessment, we considered the areas most susceptible to fraud to be revenue recognition, posting inappropriate journal entries to manipulate financial results and management bias in significant judgements and accounting estimates.

Our procedures in respect of the above included:

• Testing a sample of income transactions throughout the year, and around the year end to ensure that income recognition is in accordance with the Statement of Recommended Practice (SORP): Accounting for Further and Higher Education 2019, the Financial Reporting Standard (FRS 102) and stated accounting policies;
• Testing a sample of journal entries throughout the year, which met a defined risk criteria, by agreeing to supporting documentation;
• Identifying and testing journal entries, in particular any journal entries posted from staff members with privilege access rights, journals posted by key management, journals posted by individuals outside of their expected job roles, and others deemed unusual based on our expectations;
• Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. Areas of identified risk are then tested substantively;
• Challenging assumptions made by management in their significant accounting estimates and reviewing for indications of bias, in particular in relation to the actuarial assumptions used in the valuation of defined benefit scheme liabilities and the assumptions used in the valuation and subsequent impairment of fixed assets;
• Reading minutes of meetings of those charged with governance, reviewing internal audit reports and reviewing correspondence with HMRC and relevant regulators to identify any actual or potential frauds or any potential weaknesses in internal control which could result in fraud susceptibility; and
• Direct enquiry of the Accountable Officer.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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.

Use of our report

This report is made solely to the Members of Council as a body, in accordance with Section 75 of the Higher Education Research Act 2017 and the charters and statutes of the University. Our audit work has been undertaken so that we might state to the University’s Council 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 University and the Members of Council as a body, for our audit work, for this report, or for the opinions we have formed.

James Aston MBE (Senior Statutory Auditor)
For and on behalf of BDO LLP, Statutory Auditor
Gatwick, UK
6th February 2025

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

Accounting Policies

Statement of Accounting Convention

These consolidated and Institution financial statements have been prepared in accordance with United Kingdom Accounting Standards, including Financial Reporting Standard 102 (FRS 102) and the Statement of Recommended Practice (SORP): Accounting for Further and Higher Education (2019 edition). They have also been prepared in accordance with the ‘carried forward’ powers and duties of previous legislation (Further and Higher Education Act 1992 and the Higher Education Act 2004) and the new powers of the Higher Education and Research Act 2017 during the transition period to 31 July 2019, the Royal Charter, the Accounts Direction issued by the Office for Students (OfS), the Terms and conditions of funding for higher education institutions issued by the Office for Students and the Terms and conditions of Research England Grant.

Basis of preparation

The Financial Statements are prepared on the basis of going concern and in accordance with the historical cost convention (modified by the revaluation of certain categories of fixed assets). The Group and parent University is a public benefit entity and therefore has applied the relevant public benefit requirement of the applicable UK laws and accounting standards. The Institution has taken the exemption under section 3.3 of the SORP (1.12(b) of FRS 102) to not produce a cash flow statement for the Institution in its separate financial statements.

Going Concern

The Group and parent University’s activities, together with the factors likely to affect its future development, performance and position, are set out in the Strategic Report which forms part of the Financial Statements. The Strategic Report also describes the financial position of the Institution, its cash flows, liquidity position and borrowing facilities.

The financial statements have been prepared on a going concern basis which Council consider to be appropriate for the following reasons.

The University base case financial forecasts for 2024-25 and 2025-26 were detailed in the Annual Finance Return submitted to the Office for Students in January 2025. An accompanying monthly cash-flow forecast was also produced for the period to 31 July 2026 based on the base case forecasts. This reports cash levels, excluding access to our £40m Revolving Credit Facility (RCF), that remain above 30 liquidity days throughout the period.

The base case financial forecasts have required the University to negotiate covenant waivers with its lenders, particularly concerning debt service ratios due to conservative EBITDA assumptions for the 2024-25 financial year. Discussions with creditors have been highly supportive and constructive, resulting in agreed waivers during an amendment period. In some instances, the covenants have been replaced with a liquidity test, which the University is confident it can meet.

The most significant risks to cash generation are student recruitment (primarily from overseas markets) and further inflationary pressures. As part of the going concern assessment the assumptions within the base case have been tested with scenarios prepared where student recruitment and tuition fee income and inflationary pressures deviated negatively from the based case to gauge the financial impact on the institution and mitigatory strategies which the University would employ if necessary. This modelling has provided confidence that initial mitigating options are available and can be implemented to maintain positive cash balances throughout the period, even in a scenario of significant downturn versus the 2024-25 student recruitment levels.

Alongside economic risks, the sector and the university are exposed to various other external risks such as government policy on sector funding, geopolitical events, industrial relations, pension costs and the economic health of the countries in which our students are domiciled. All of these various risk factors and the potential financial impacts associated with them are considered in our future strategic planning and specifically during each annual planning round.

For 2023-24, a cash surplus (measured as the surplus for the year plus non-cash transactions [depreciation and movements in investment property valuations, fixed asset investments and provisions] less capital grants and loan principal repayments) of £5m was delivered, equating to 1.7% of total income (2022-23: £19m equating to 5.7% of total income).

The Group and parent University had immediately available cash reserves of £43m as at 31 July 2024 (2022-23: £40m) and access to £40m through a revolving credit facility. In addition, the University held £32m (2022-23 £61m) short-term investments with a deposit term of one year or less ensuring additional liquidity would be available in 2024-25.

At 31 July 2024, the Group and parent University had long term debt of £138m with £80m expiring 2043, £50m expiring in 2037 and £15m expiring in 2047.

Consequently, the Council is confident that the Group and parent University is a going concern and therefore have prepared the financial statements on a going concern basis.

Basis of consolidation

The consolidated financial statements include the University and all its subsidiaries together with a share of profits from a joint venture for the financial year to 31 July 2024. Intra-group transactions are eliminated on consolidation.

Gains or losses on any intra-group transactions are eliminated in full. Amounts in relation to debts and claims between undertakings included in the consolidation are also eliminated. Balances between the Institution and its associates and joint ventures are not eliminated. Normal trading transactions that are not settled by the balance sheet date are included as current assets or liabilities. Any gains or losses are included in the carrying amount of assets of either entity, the part relating to the Institution’s share is eliminated.

The consolidated financial statements do not include the income and expenditure of the Students' Union as the University does not exert control or dominant influence over policy decisions. Joint ventures are accounted for using the gross equity method.

Significant judgements and estimates

The preparation of the University’s financial statements requires management to make a number of key estimates and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities, income, and expenses. These estimates and associated assumptions are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Judgement is often required in respect of items where the choice of specific policy, accounting estimate or assumption to be followed could materially affect the reported results or net asset position of the University.

Key sources of estimation uncertainty

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are described below.

Useful lives of Property, plant and equipment

Property, plant and equipment represent a significant proportion of the University’s total assets. Therefore, the estimated useful lives can have a significant impact on the depreciation charged and the University’s reported performance. Useful lives are determined at the time the asset is acquired and reviewed regularly for appropriateness. The lives are based on historical experience with similar assets as well as anticipation of future events. The carrying value of tangible assets (shown in Note 12) 31 July 2024 was £376M (2022-23 £391M- restated) and the annual depreciation charge for the year was £43.4M which included £24.7M impairment charge (2022-23 restated £22.9M which included an £6.2m impairment charge).

Recoverability of debtors

The provision for doubtful debts is based on our estimate of the expected recoverability of those debts. Assumptions are made based on the level of debtors which have defaulted historically, coupled with current economic knowledge. The provision is based on the current situation of the customers, the age profile of the debt and the nature of the amount due. At 31st July 2024, the total provision for doubtful debts was £4.2M (31 July 2023: £2.2M).

Retirement benefit obligations

The cost of defined benefit pension plans and other postemployment benefits are determined using actuarial valuations. The actuarial valuation involves making assumptions about discount rates, future salary increases, mortality rates and future pension increases. Due to the complexity of the valuation, the underlying assumptions and the long-term nature of these plans, such estimates are subject to significant uncertainty. Further details are given in Note 28. The scheme is accounted for as a defined benefit scheme and actuarial valuations are carried out annually, with formal actuarial valuations taking place every 3 years. The University has implemented an asset ceiling of £nil in 2023-24 and therefor £nil provision was reported in the Statement of Financial Position (31 July 2023 £Nil pension asset).

As the University was contractually bound to make deficit recovery payments to USS, this was recognised as a liability on the Statement of Financial Position. The provision was based on the USS deficit recovery plan agreed after the 2020 actuarial valuation, which defined the deficit payment required as a percentage of future salaries. The provision was based on management’s estimate of expected future salary inflations, changes in staff numbers and the prevailing rate of discount. These contributions have been reassessed at the recent triennial valuation of the scheme and concluded that no further deficit recovery payments are required, and the provision can be released in full. Further details are set out in Note 28. The consolidated provision was £Nil on 31 July 2024 and £76.5m on 31 July 2023.

Key sources of judgement uncertainty

The judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are described below.

Income recognition

In determining the value and timing of certain income items to be recognised in the financial statements, judgements and assumptions are made. This includes evaluating when performance related conditions have been met, and determining the revenues associated with partially delivered courses and training where the activities have not been fully completed at the reporting date.

Universities Superannuation Scheme

Management are satisfied that Universities Superannuation Scheme meets the definition of a multi-employer scheme and has therefore recognised the discounted fair value of the contractual contributions under the funding plan in existence at the date of approving the financial statements. As the University is unable to identify its share of the underlying assets and liabilities in a multi-employer scheme on a reasonable and consistent basis, it accounts as if the scheme were a defined contribution scheme.

Valuation and impairment of assets

Management make judgements as to whether any indicators of impairment are present for any of the University’s assets. In 2023-24, impairment indicators, including extensive refurbishment costs and reducing forecast occupancy levels were identified for three university-owned accommodation blocks, which are currently mothballed due to essential infrastructure work needed to comply with the Building Safety Act and secure approval of the Building Safety Case.

Economic Impairment indicators, such as high inflation, increased interest rates and elevated cost of debt, were also noted for commercial land and buildings managed by the University's subsidiary companies, Knowledge Gateway Holdings Ltd and Knowledge Gateway Ltd.

The above impairment indicators impacted on the valuation of the three towers and the Knowledge Gateway Co’s land and buildings and their subsequent impairment.

Leases

Management make judgement in determining whether a lease should be defined as an operating lease or a finance lease by considering the extent that risks and rewards associated with the ownership of the asset have been transferred to the University.

Income recognition

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

Fee income is stated gross of any expenditure which is not a discount and credited to the Statement of Comprehensive Income and over the period in which students are studying. Where the amount of the tuition fee is reduced, by a discount for prompt payment, income receivable is shown net of the discount. Bursaries and scholarships are accounted for gross as expenditure and not deducted from income.

Investment income is credited to the Statement of Comprehensive Income on a receivable basis.

Funds the University receives and disburses as paying agent on behalf of a funding body are excluded from the income and expenditure of the University where the University is exposed to minimal risk or enjoys minimal economic benefit related to the transaction.

Grant funding

Revenue government grants including funding council block and government research grants are recognised within the Statement of Comprehensive Income over the periods in which the University recognises the related costs for which the grant is intended to compensate. Where part of a government grant is deferred it is recognised as deferred income within creditors and allocated between credits due within one year and due after more than one year as appropriate.

Capital grants from government or non-government sources are recognised within the Statement of Comprehensive Income when the University is entitled to the income and performance-related conditions have been met. Income received in advance of performance-related conditions being met is deferred on the Balance Sheet and released to the Statement of Comprehensive Income in line with such conditions being met.

Other grants and donations from non-government sources, including research grants from non-government sources, are recognised within the Statement of Comprehensive Income when the University is entitled to the income and performance-related conditions have been met. Income received in advance of performance-related conditions being met is deferred on the Balance Sheet and released to the Statement of Comprehensive Income in line with such conditions being met.

Donations and endowments

Non-exchange transactions without performance-related conditions are donations and endowments. Donations and endowments with donor-imposed restrictions are recognised within the Statement of Comprehensive Income when the University is entitled to the income. Income is retained within the restricted reserve until such time that it is utilised in line with such restrictions at which point the income is released to general reserves through a reserve transfer.

Investment income and appreciation of endowments is recorded in income in the year in which it arises and as either restricted or unrestricted income according to the terms of the restriction applied to the individual endowment fund.

Donations with no restrictions are recorded within the Statement of Comprehensive Income when the University is entitled to the income.

Donations and endowments with restrictions are classified as restricted reserves with additional disclosure provided within the notes to the accounts.

There are four main types of donations and endowments with restrictions:

• Restricted donations - the donor has specified that the donation must be used for a particular objective.
• Unrestricted permanent endowments - the donor has specified that the fund is to be permanently invested to generate an income stream for the general benefit of the University.
• Restricted expendable endowments - the donor has specified a particular objective other than the purchase or construction of tangible fixed assets, and the University can convert the donated sum into income.
• Restricted permanent endowments - the donor has specified that the fund is to be permanently invested to generate an income stream to be applied to a particular objective.

Accounting for retirement benefits

The University participates in three principal pension schemes for employees; these are the Universities Superannuation Scheme (USS), the Local Government Pension Scheme (LGPS) and the Superannuation Arrangement for the University of London (SAUL). All three schemes are defined benefit schemes which are externally funded and are contracted out of the State Second Pension (S2P). Each fund is valued every three years by professionally qualified independent actuaries.

The USS and SAUL schemes are multi-employer schemes for which it is not possible to identify the assets and liabilities of the University, due to their mutual nature. Where the Institution is unable to identify its share of the underlying assets and liabilities in a multi employer scheme on a reasonable and consistent basis, it accounts as if the scheme were a defined contribution scheme.

Where the Institution has entered into an agreement with such a multi employer scheme that determines how the Institution will contribute to a deficit recovery plan, the Institution recognises a liability for the contributions payable that arise from the agreement to the extent that they relate to the deficit, and the resulting expense is recognised in expenditure.

A liability is recorded within provisions for any contractual commitment to fund past deficits within the USS and SAUL schemes.

Defined contribution plan

A defined contribution plan is a post-employment benefit plan under which the employer pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement in the periods during which services are rendered by employees.

Defined benefit plan

A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The University’s obligation is to provide the agreed benefits to current and former employees, bearing actuarial risk (that benefits will cost more than expected) and investment risk (that returns on assets set aside to fund the benefit will be lower than expected). The University should recognise a liability for its obligations under defined benefit plans net of plan assets. This is achieved by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods, discounted to determine its present value, less the fair value (at bid price) of plan assets. The calculation is performed by a qualified actuary using the projected unit credit method. When the calculation results in a benefit to the University, the recognised asset is limited to the total of any unrecognised past service costs and the present value of benefits available in the form of any future refunds from the plan, reductions in future contributions to the plan or on settlement of the plan and takes into account the adverse effect of any minimum funding requirements.

Employment benefits

Short-term employment benefits such as salaries and compensated absences are recognised as an expense in the year in which the employees render service to the University. Any unused benefits are accrued and measured as the additional amount the University expects to pay as a result of the unused entitlement.

Finance leases

Leases in which the University assumes substantially all the risks and rewards of ownership of the leased asset are classified as finance leases. Leased assets acquired by way of finance lease are stated at an amount equal to the lower of their fair value and the present value of the minimum lease payments at inception of the lease.

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

Operating leases

Costs in respect of operating leases are charged on a straight-line basis over the lease term. Any lease premiums or incentives are spread over the minimum lease term.

Foreign currency

Transactions in foreign currencies are translated to sterling at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to sterling at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the Statement of Comprehensive Income.

Fixed assets

Fixed assets are stated at cost or deemed cost less accumulated depreciation and accumulated impairment losses. Certain items of fixed assets that had been revalued to fair value on or prior to the date of transition to FRS102 are measured on the basis of deemed cost, being the fair value at the date of revaluation.

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

Depreciation

Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives. For motor vehicles and other items of general equipment this will be between five and ten years. For computer equipment the expected useful life is three years.

Equipment acquired for specific research projects is written off in the year of acquisition along with its matching grant.

Equipment (including computer hardware and software) costing less than £25,000 per individual item, or group of related items which together comprise one operational unit, is written off in the year of acquisition.

Land is not depreciated as it is considered to have an indefinite useful life.

Costs incurred in relation to buildings after initial purchase or construction, and prior to valuation, are capitalised to the extent that they increase expected future benefits to the University. Borrowing costs which are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised. Straight line depreciation rates for the student accommodation buildings have been separated out between structure, plant and machinery and fit-out. For structure, depreciation is between 5 and 100 years; for plant and machinery, depreciation is between 5 and 40 years; and for fit-out, depreciation is between 5 and 35 years. All other freehold and leasehold buildings are depreciated on a straight line basis over 60 years, except for certain items of minor work which are written off over 25 years.

Where any asset is depreciated, no charge is made to Statement of Comprehensive Income in the year of acquisition. In the year of disposal, however, a full year’s charge is made regardless of the timing of the disposal.

A review for potential indicators of impairment is carried out at each reporting date. If events or changes in circumstances indicate that the carrying amount of the property, plant and equipment may not be recoverable, a calculation of the impact is completed and arising impairment values charged against the asset and to the Statement of Comprehensive Income.

No depreciation is charged on assets in the course of construction.

Heritage assets

The University holds a collection of paintings, prints and similar artworks acquired through a combination of donations and purchases. It is the University’s intention to maintain the collection, the majority of which is on public display in the library. These assets are included in the Balance Sheet at a fixed cost which was adopted on transition to FRS102. The University’s external valuer (Lyon & Turnbull) carried out a full valuation of the collection on 18 February 2010. The values were established on the basis of the valuer’s assessment of the likely replacement cost at suitable specialist retail outlets, having given consideration to the quality and condition of the items. These heritage assets are not depreciated.

Investment properties

Investment property is land and buildings held for rental income or capital appreciation rather than for use in delivering services. Investment properties are measured initially at cost and subsequently at fair value with movements recognised in the Statement of Comprehensive Income. Properties are not depreciated but are revalued or reviewed annually according to market conditions at 31 July each year.

Investments

Fixed and endowment asset investments are included in the Balance Sheet at market value unless this cannot be readily ascertained and the yields are unquantifiable and of a long-term nature, for example seed-corn funding. In such instance, it is considered prudent to charge the cost of the investment to the revenue account in the year of its acquisition. Increases or decreases in value arising on the revaluation of fixed asset investments are carried to the revaluation reserve. Where a permanent diminution in value of an asset occurs, the excess will be charged to the Statement of Comprehensive Income to the extent that it is not covered by a revaluation surplus. The profit or loss on disposal of an asset is accounted for in the year in which the disposal occurs as the difference between the net sales proceeds and the net carrying amount, whether carried at historical cost or valuation.

Investments in jointly controlled entities, associates and subsidiaries are carried at cost less impairment in the University's Balance Sheet. Current asset investments are held at fair value with movements recognised in the Statement of Comprehensive Income.

Investments in equities and gilts are generally treated as fixed asset investments whilst investments in the form of term deposits with banks and other financial institutions which have less than three months to maturity, are shown as cash and cash equivalents. Current asset investments are included at the lower of cost and net realisable value.

Stock

Stock is held at the lower of cost and net realisable value.

Cash and cash equivalents

Cash includes cash in hand, deposits repayable on demand and overdrafts. Deposits are repayable on demand if they are in practice available within 24 hours without penalty.

Cash equivalents are short term (maturity being less than three months from the placement date), highly liquid investments that are readily convertible to known amounts of cash with insignificant risk of change in value.

Provisions, contingent liabilities and contingent assets

Provisions are recognised in the financial statements when:

1. the University has a present obligation (legal or constructive) as a result of a past event;
2. it is probable that an outflow of economic benefits will be required to settle the obligation; and
3. a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is determined by discounting the expected future cash flows at a pre-tax rate that reflects risks specific to the liability.

A contingent liability arises from a past event that gives the University a possible obligation whose existence will only be confirmed by the occurrence or otherwise of uncertain future events not wholly within the control of the University. Contingent liabilities also arise in circumstances where a provision would otherwise be made but either it is not probable that an outflow of resources will be required or the amount of the obligation cannot be measured reliably.

A contingent asset arises where an event has taken place that gives the University a possible asset whose existence will only be confirmed by the occurrence or otherwise of uncertain future events not wholly within the control of the University.

Contingent assets and liabilities are not recognised in the Balance Sheet but are disclosed in the notes.

Accounting for Joint Operations, Jointly Controlled Assets and Jointly Controlled Operations

The University accounts for its share of joint ventures using the gross equity method.

The University accounts for its share of transactions from joint operations and jointly controlled assets in the Statement of Comprehensive Income.

Taxation

The University is an exempt charity within the meaning of Part 3 of the Charities Act 2011 and, as such, is a charity within the meaning of Section 506 (1) of the Income and Corporation Taxes Act 1988. The University is recognised as a charity by HM Revenue & Customs. It is therefore a charity within the meaning of Para 1 of schedule 6 to the Finance Act 2010 and accordingly, the University is potentially exempt from taxation in respect of income or capital gains received within categories covered by section 478-488 of the Corporation Tax Act 2010 (CTA 2010) or section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied to exclusively charitable purposes.

The University receives no similar exemption in respect of Value Added Tax. Irrecoverable VAT on inputs is included in the costs of such inputs. Any irrecoverable VAT allocated to fixed assets is included in their cost.

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

Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax at a future date, or a right to pay less tax at a future date, at rates expected to apply when they crystallise based on current rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in financial statements. Deferred tax assets are more likely than not to be recovered. Deferred tax assets and liabilities are not discounted.

Reserves

Reserves are classified as restricted or unrestricted. Restricted endowment reserves include balances which, through endowment to the University, are held as a permanently restricted fund which the University must hold in perpetuity.

Other restricted reserves include balances where the donor has designated a specific purpose and therefore the University is restricted in the use of these funds.

Financial Instruments

The Institution has elected to adopt Sections 11 and 12 of FRS 102 in respect of the recognition, measurement, and disclosure of financial instruments.

Financial assets and liabilities are recognised when the Institution becomes party to the contractual provision of the instrument, and they are classified according to the substance of the contractual arrangements entered into.

A financial asset and a financial liability are offset only when there is a legally enforceable right to set off the recognised amounts and an intention either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial Assets

Basic financial assets include trade and other receivables, cash and cash equivalents, and investments in commercial paper (i.e. deposits and bonds). These assets are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest rate method. Financial assets are assessed for indicators of impairment at each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the statement of comprehensive income.

For financial assets carried at amortised cost the impairment loss is the difference between the carrying amount of the asset and the present value of the estimated future cash flows, discounted at the asset’s original effective interest rate.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates, or joint ventures are initially measured at fair value, which is typically the transaction price. These assets are subsequently carried at fair value and changes in fair value at the reporting date are recognised in the statement of comprehensive income. Where the investment in equity instruments are not publicly traded and where the fair value cannot be reliably measured the assets are measured at cost less impairment.

Financial assets are de recognised when the contractual rights to the cash flows from the asset expire or are settled or substantially all of the risks and rewards of the ownership of the asset are transferred to another party.

Financial Liabilities

Basic financial liabilities include trade and other payables, bank loans, and intra group loans. These liabilities are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost using the effective interest rate method.

Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method.

Derivatives, including forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date the derivative contract is entered into and are subsequently re measured at their fair value at the reporting date. Changes in the fair value of derivatives are recognised in the statement of comprehensive income in finance costs or finance income as appropriate.

To the extent that the Institution enters into forward foreign exchange contracts which remain unsettled at the reporting date the fair value of the contracts is reviewed at that date. The initial fair value is measured as the transaction price on the date of inception of the contracts. Subsequent valuations are considered on the basis of the forward rates for those unsettled contracts at the reporting date. The Institution does not apply hedge accounting in respect of forward foreign exchange contracts held to manage cash flow exposures of forecast transactions denominated in foreign currencies.

Financial liabilities are de recognised when the liability is discharged, cancelled, or expires.

Consolidated and University Statement of Comprehensive lncome and Expenditure - Year Ended 31 July 2024

	Notes	Consolidated		University
		Year Ended 31 July 2024 £'000	Year Ended 31 July 2023 As restated £'000	Year Ended 31 July 2024 £'000	Year Ended 31 July 2023 As restated £'000
Income
Tuition fees and education contracts	1	180,075	196,731	180,075	196,731
Funding body grants	2	28,655	30,693	28,655	30,693
Research grants and contracts	3	37,744	34,331	37,744	34,331
Other income	4	64,078	68,533	61,154	51,958
Endowment and investment income	5	5,972	3,794	5,012	3,776
Donations and endowments	6	254	302	254	302
Total income		316,778	334,384	312,894	317,791
Less: Share of income from joint ventures	4	(391)	(327)	0	0
Net income		316,387	334,057	312,894	317,791
Expenditure
Staff costs: (excluding USS)	8	178,316	168,349	162,125	157,229
Staff costs: (reversal / release of USS provision)	8	(78,479)	(10,055)	(77,358)	(10,055)
Total Staff costs		99,837	158,294	84,767	147,174
Other operating expenses	9	118,607	130,084	146,888	131,307
Depreciation	9	43,426	22,883	24,350	15,541
Interest and other finance costs	9	3,511	7,874	3,426	8,326
Total expenditure	10	265,381	319,135	259,431	302,348
Surplus before other gains and losses and share of operating surplus of joint ventures		51,006	14,922	53,463	15,443
Share of operating surplus in joint ventures	15	0	0	0	0
Gain on investments		1,316	103	1,316	103
Surplus for the year		52,322	15,025	54,779	15,546
Actuarial loss in respect of pension schemes		(2,430)	(1,488)	(2,295)	(1,477)
Increase in value of joint ventures		0	0	0	0
Total comprehensive profit for the year		49,892	13,537	52,484	14,069
Represented by:
Endowment comprehensive income for the year		926	177	926	177
Restricted comprehensive income for the year		561	395	561	395
Unrestricted comprehensive loss for the year		48,405	12,965	50,997	13,497
Revaluation reserve comprehensive loss for the year		0	0	0	0
		49,892	13,537	52,484	14,069

All items of income and expenditure arise from continuing operations

The Notes to the Accounts form an integral part of these Financial Statements.

Consolidated and University Statement of Changes in Reserves - Year Ended 31 July 2024

Consolidated	Income and expenditure account			Revaluation reserve	Total
	Endowment £'000	Restricted £'000	Unrestricted As restated £'000	£'000	As restated £'000
Balance at 1 August 2022	8,912	4,360	175,119	0	188,391
Prior Period adjustment - subsidiary fixed asset impairment	0	0	(6,712)	0	(6,712)
Surplus from the income and expenditure statement	0	0	21,737	0	21,737
Other comprehensive income	177	395	(2,060)	0	(1,488)
Transfers between revaluation and income and expenditure reserve	0	0	0	0	0
Total comprehensive income for the year	177	395	12,965	0	13,537
Balance at 1 August 2023 as restated	9,089	4,755	188,084	0	201,928
Surplus/(deficit) from the income and expenditure statement	0	0	52,332	0	52,322
Other comprehensive loss	926	561	(3,917)	0	(2,430)
Total comprehensive income for the year	926	561	48,405	0	49,892
Balance at 31 July 2024	10,015	5,316	236,489	0	251,820

University	Income and expenditure account			Revaluation reserve	Total
	Endowment £'000	Restricted £'000	Unrestricted As restated £'000	£'000	As restated £'000
Balance at 1 August 2022	8,912	4360	191,431	0	204,703
Prior Period adjustment - impairment of subsidiary investment	0	0	(2,563)	0	(2,563)
Surplus from the income and expenditure statement	0	0	18,109	0	18,109
Other comprehensive loss	177	395	(2,049)	0	(1,477)
Total comprehensive income for the year	177	395	13,497	0	14,069
Balance at 1 August 2023 as restated	9,089	4,755	204,928	0	218,772
Surplus from the income and expenditure statement	0	0	54,779	0	54,779
Other comprehensive loss	926	561	(3,782)	0	(2,295)
Total comprehensive income for the year	926	561	50,997	0	52,484
Balance at 31 July 2024	10,015	5,316	255,925	0	271,256

The Notes to the Accounts form an integral part of these Financial Statements.

Consolidated and University Balance Sheets as at 31 July 2024

	Notes	Consolidated		University
		Year Ended 31 July 2024 £'000	Year Ended 31 July 2023 As restated £'000	Year Ended 31 July 2024 £'000	Year Ended 31 July 2023 As restated £'000
Fixed assets
Tangible assets	12	374,049	389,500	357,789	359,262
Heritage assets	12	798	798	798	798
Investment properties	12	950	970	950	970
Investments	14	20,347	19,046	58,926	70,237
Investment in joint ventures	15	90	90	0	0
		396,234	410,404	418,463	431,267
Current assets
Stocks	16	305	331	172	205
Debtors	17	31,831	34,831	32,688	32,397
Investments	18	32,347	61,328	32,347	61,328
Cash and cash equivalents		43,475	40,449	42,154	38,384
		107,958	136,939	107,341	132,314
Less: Creditors: amounts falling due within one year	19	(68,977)	(77,350)	(80,321)	(87,025)
Net current assets		38,981	59,589	27,020	45,289
Total assets less current liabilities		435,215	469,993	445,483	476,556
Less: Creditors: amounts falling due after more than one year	20	(178,663)	(182,016)	(169,495)	(172,622)
Pension provisions	21	(209)	(76,514)	(209)	(75,627)
Other provisions	21	(4,523)	(9,535)	(4,523)	(9,535)
Total net assets		251,820	201,928	271,256	218,772
Restricted Reserves
Income and expenditure reserve - endowment reserve	22	10,015	9,089	10,015	9,089
Income and expenditure reserve - restricted reserve	23	5,316	4,755	5,316	4,755
Unrestricted Reserves
Unrealised gain on equity investments		199	199	199	199
Income and expenditure reserve - unrestricted		236,290	187,885	255,726	204,729
Total Reserves		251,820	201,928	271,256	218,772

The Financial Statements were approved by the Governing Body on 3 February 2025 and were signed on its behalf on that date by:

Professor M. Fasli
Acting Vice-Chancellor

M. Leech
Chair of Council

A. Keeble
Director of Finance

The Notes to the Accounts form an integral part of these Financial Statements.

Consolidated and University Cash Flow Statement - Year Ended 31 July 2024

	Notes	Year Ended 31 July 2024 £'000	Year Ended 31 July 2023 (Restated) £'000
Cash flow from operating activities
Surplus for the year		51,006	14,922
Adjustment for non-cash items
Depreciation	12	43,426	22,883
Revaluation of investment property	12	20	105
Revaluation of fixed assets	12	(1,485)	117
Decrease/(Increase) in stocks	16	26	(72)
Decrease/(Increase) in debtors	17	3,000	(8,143)
(Decrease) / Increase in creditors		(9,460)	5,703
(Decrease) in provisions		(83,747)	(13,273)
Adjustment for investing or financing activities
Loss on disposal of tangible fixed assets		893	10
Investment income	5	(5,972)	(3,794)
Interest payable	9	5,581	5,160
Endowment income		0	0
Net cash inflow from operating activities		3,288	23,618
Cash flows from investing activities
Disposal of non-current asset investments		0	0
(Investment in) short term investments	18	28,981	(23,328)
Investment income	5	5,972	3,794
Payments made to acquire tangible fixed assets	12	(27,383)	(23,016)
Non-current investment acquisitions		15	(7,077)
		7,585	(49,627)
Cash flows from financing activities
Interest paid	9	(5,581)	(5,160)
Endowment cash received	21	0	0
Repayments of amounts borrowed		(2,266)	(2,150)
		(7,847)	(7,310)
Increase/(Decrease) in cash for the year
Cash and cash equivalents at beginning of the year		3,026	(33,319)
Cash and cash equivalents at end of the year		40,449	73,768
		43,475	40,449

The Notes to the Accounts form an integral part of these Financial Statements.

Notes to the Accounts
for the year ended 31 July 2024

	Consolidated
	Year Ended 31 July 2024 £'000	Year Ended 31 July 2023 £'000
1 Tuition fees and education contracts
Full-time home and EU students	71,757	83,422
Full-time international students	102,258	107,696
Part-time students	1,673	1,507
Non-credit-bearing tuition fees	1,311	836
NHS contracts	3,037	3,146
Research training support grant	39	124
	180,075	196,731
2 Funding body grants
Recurrent grant
Office for Students Teaching Grant	7,478	7,403
Research England Research Grant	13,645	14,567
OfS Capital Grant	50	100
Research England Capital Grant	1,652	2,438
Specific Grants
OfS National Collaborative Outreach Programme	1,176	1,420
OfS PG Conversion Courses	161	266
OfS Hardship Funding	0	130
OfS Degree Apprenticeship Wave 1 Funding	113	0
OfS Lifelong Learning	0	(1)
Research England Higher Education Innovation Fund	3,797	3,821
Research England ISPF Institutional Support Grant (ODA)	29	0
Research England Transitions & Transformation	121	133
Research England Enhancing Research Culture	250	250
Research England Participatory Research Funding	56	52
Research England Policy Support Funding	127	114
	28,655	30,693
3 Research grants and contracts
Research Councils	25,858	24,404
UK-based charities	2,056	1,419
UK central government, local authorities and health authorities	5,646	3,679
UK industry, commerce and public corporations	1,397	1,405
European Union government bodies	1,059	1,635
Other overseas	1,683	1,733
Other sources	45	56
	37,744	34,331
4 Other income
Other services rendered:
Income from academic partnerships	7,505	4,771
Other sources	1,003	2,134
Commercial services income	43,396	42,882
Revenue grants	1,156	2,130
Rental income	701	793
Gain on revaluation of investment property	0	0
Other income	9,926	15,496
Income from joint ventures	391	327
	64,078	68,533
5 Endowment and investment income
Investment income on endowments	150	122
Investment income on restricted reserves	184	108
Other investment income	5,638	3,564
	5,972	3,794
6 Donations and endowments
New endowments	0	0
New donations with restrictions	254	302
	254	302

Note: The source of grant and fee income, included in notes 1 to 3 is as follows:

	Consolidated		University
	Year Ended 31 July 2024 £'000	Year Ended 31 July 2023 £'000	Year Ended 31 July 2024 £'000	Year Ended 31 July 2023 £'000
Grant and Fee Income
Grant income from the OfS	8,978	9,318	8,978	9,318
Grant Income from other bodies	19,677	21,375	19,677	21,375
Fee income for taught awards (exclusive of VAT)	170,916	189,043	170,916	189,043
Fee income for research awards (exclusive of VAT)	7,348	5,816	7,348	5,816
Fee income from non-qualifying courses (exclusive of VAT)	1,772	1,748	1,772	1,748
Total Grant and Fee income	208,691	227,300	208,691	227,300

 

	Consolidated
	Year Ended 31 July 2024 £'000	Year Ended 31 July 2023 £'000
7 Surplus for the year
The surplus on continuing operations for the year is made up as follows:
University's surplus for the year	54,362	18,109
Surplus generated by subsidiary undertakings and transferred to the University under gift aid	417	0
(Deficit) / Surplus retained by subsidiary undertakings and joint ventures	(2,457)	3,628
	52,322	21,737

		Consolidated
		Year Ended 31 July 2024 £'000	Year Ended 31 July 2023 £'000
8 Staff costs
Salaries		133,532	122,074
Social security costs		13,765	11,528
Costs of defined benefit pension schemes		31,019	34,747
		178,316	168,349
Reversal / release of USS provision		(78,479)	(10,055)
Total staff costs		99,837	158,294
Compensation for loss of office or termination payment, equivalent to statutory redundancy in respect of the end of a fixed term contract(s) lasting over 2 years paid to a member of staff for 2023-24 was £97k (2022-23: £50k) Other pension costs include pension contributions made by the University on behalf of employees who have elected to reduce their wages and salaries when the University introduced its Pensions Plus scheme in April 2009.
Remuneration Package of the Vice-Chancellor:	Note 8i	£	£
Basic Salary		335,201	325,624
Medical Insurance		5,123	4,728
Notional Accommodation		0	0
Accommodation		5,518	5,392
Cleaning		3,453	3,370
Utilities		694	925
Pension contributions to USS		62,711	74,829
Salary and Associated Benefits		412,700	414,868
Due to the change in legislation covering the provision of accommodation, the table shows the actual monetary values associated with the occupancy of the house.  The notional rental value of accommodation is explained further on in the note, the notional value as of October 2022 is £36k
Remuneration (basic salary) of other higher paid staff, before any salary sacrifice:		No.	No.
£100,000 to £104,999		11	11
£105,000 to £109,999		17	9
£110,000 to £114,999		6	5
£115,000 to £119,999		5	6
£120,000 to £124,999		6	2
£125,000 to £129,999		3	2
£130,000 to £134,999		1	3
£135,000 to £139,999		1	1
£140,000 to £144,999		3	0
£145,000 to £149,999		1	2
£150,000 to £154,999		1	0
£155,000 to £159,999		2	7
£160,000 to £164,999		5	0
£165,000 to £169,999		1	2
£170,000 to £174,999		1	0
£175,000 to £179,999		0	0
£180,000 to £184,999		0	0
£185,000 to £189,999		0	0
£190,000 to £194,999		0	1
£195,000 to £199,999		1	0
		65	51
Average staff numbers by major category:		No.	No.
Academic		1,043	986
Research		110	103
Senior Support		807	766
Other Support		689	656
General Support		356	386
		3,005	2,897

Key management personnel

Key management personnel are members of the University Steering Group (USG) and are those persons having authority and responsibility for planning, directing and controlling the activities of the University.

	Year Ended 31 July 2024 £'000	Year Ended 31 July 2023 £'000
Key management personnel compensation	1,491	1,474

Trustees

No Trustee has received any remuneration/waived payments from the group during the year. Eight trustees are also employees of the University but received no additional payment for acting as trustees. The total expenses paid to or on behalf of 19 council members were £4,926 (2022-23: £8,187). This represents travel and stationery expenses incurred in attending Council, Committee meetings and Charity events in their official capacity.

	Year Ended 31 July 2024 £'000	Year Ended 31 July 2023 £'000
Access and Participation
Access Investment	1,314	1,115
Financial Support	0	0
Disability Support (excluding expenditure included in the two categories above)	298	262
Research and Evaluation	217	221
	1,829	1,598

These figures are the staff costs associated with our Access and Participation Plan.

Our total Access and Participation Plan expenditure, including these staff costs of £1,829k are detailed in Note 11

8i Vice-Chancellor’s remuneration package

Details of the Vice-Chancellor’s remuneration package and expenses are published on the University’s website. The following notes describe the elements of the associated benefits set out in note 8:

Medical Insurance: To minimise absence from work on grounds of ill-health, the University part funds medical insurance for the Vice-Chancellor and direct dependent. This is declared to HM Revenue and Customs (HMRC) and reported annually on the P11D form through the Vice-Chancellor’s annual self-assessment.

Accommodation: The University owns a property on the Colchester campus known as Lake House. This property was constructed at the same time the University was being established, for the specific purpose of enabling the Vice-Chancellor to be resident on campus. It is a condition of contract of the Vice-Chancellor that he must reside in this property and that it is the Vice-Chancellor’s primary residence during his period of office.

In line with current tax treatment, this is classified as a taxable benefit and the benefit value of the residence detailed above is based on a gross rating value agreed with HMRC. Lake House’s location on the Colchester campus means that there is no opportunity for the University to receive a commercial rental income for this property. Notwithstanding the location, a rental valuation of the Vice-Chancellor’s residence has been carried out in October 2022 and the notional rental value is identified as £36,000 p.a.

The Vice-Chancellor is not required to make rental payments for the property, but the monthly rental value is pensionable. From 6 April 2021 the Vice-Chancellor has been subject to a personal tax liability for this accommodation, for which he receives an accommodation payment. The pensionable value of the property and payment for accommodation are disclosed above.

The accommodation allowance is calculated based on the additional tax liability incurred from the Vice-Chancellor’s residence in Lake House, including an amount reflecting the additional PAYE deductions the University are required to make on payment of the accommodation allowance itself. Both the additional taxable benefits and the accommodation allowance will be reported in the University of Essex’s Financial Statements as part of the Vice-Chancellor’s total remuneration in line with the relevant guidance from the Office for Students at the time.

The Vice-Chancellor makes use of this house to host events for University staff and students and for external stakeholders with an interest in, or supporting, the work of the University. A schedule of events held in the Lake House, hosted by the Vice-Chancellor, is published on the University’s website, describing the purpose of each event held https://www.essex.ac.uk/-/media/documents/about/vc-lake-house-events.pdf?la=en . This is updated on 1 February and 31 July each year. Catering and service for these events is provided by Wivenhoe House Hotel and the Edge Hotel School, both based at the University.

Cleaning: The University bears the costs of maintenance and upkeep of the property in which the Vice-Chancellor is required to reside. All major works need to be approved by the Registrar and Secretary. The cost of cleaning is shared equally between the University and the Vice-Chancellor.

Utilities: The cost of electricity and gas supplied to the property are apportioned between the Vice-Chancellor and the University. This is declared to HMRC and reported annually on the P11D form through the Vice-Chancellor’s annual self-assessment.

Pension contributions: The Vice-Chancellor is eligible for membership of the Universities Superannuation Scheme (USS), the scheme available to the majority of employees of the University. The Vice-Chancellor was an active member of USS throughout the reporting year.

Pay and reward in the University is overseen by the Remuneration Committee of Council. The composition of the Committee is at https://www.essex.ac.uk/-/media/documents/about/governance/committees-council.pdf and includes an independent advisor who is external to the University and is not a Council member. The Vice-Chancellor is not a member of Remuneration Committee.

The University of Essex participates in the national process of collective bargaining with the trade unions undertaken on behalf of employers. Through this process, an agreed level of percentage increase is applied to all points of the nationally agreed pay spine, to reflect the impact of increases in the cost of living on pay. The University’s policy is to apply that percentage increase to the pay of all members of staff. In addition, all members of staff have an opportunity to apply for additional pay through the University’s annual review process in recognition of exceptional performance. The University only considers cases for additional pay for those who submit an application

The Remuneration Committee reviews the pay and performance of the Vice-Chancellor each year. For this annual review cycle the Vice-Chancellor did not make an application for additional pay through the annual review process, but as for all staff the VC did receive the nationally negotiated pay award, which equated to a 2.94% cost of living increase applicable with effect from 1 August 2023.

In relation to performance, following consultation with others, through the Appraisal and Personal Development Scheme (APDR), the Chair of Council reviewed the Vice-Chancellor’s performance and set objectives for the following year. These personal objectives are set for the Vice-Chancellor and these are shared with Remuneration Committee and the whole of Council for comment and are published on the University web site at: Vice-Chancellors pay and benefits.

The Remuneration Committee takes into account a range of benchmarking information in considering pay levels. In relation to the Vice-Chancellor, his salary is benchmarked annually using the benchmarking framework agreed with Council. There are four benchmarking comparator groups used, based on:

• Universities ranked in the top 30 in The Times and The Sunday Times Good University Guide,
• Institutions ranked amongst the top 25 in both the REF and TEF,
• Institutions that comprise Cluster X in the Knowledge Exchange Framework (KEF) and
• Universities that form part of the University’s UCAS comparator group.

Benchmarking data for the Vice-Chancellor is provided to the Committee for information, whether or not an application is made for additional pay through the annual review process. Remuneration Committee reviews the benchmarking framework annually to ensure comparators continue to be appropriate and relevant. The Vice-Chancellor’s salary remained comparable to the upper quartile of these comparators."

The Committee assesses the Vice-Chancellor’s performance, drawing upon evidence from the University’s overall performance against the KPIs contained in the Strategic Plan, the Strategic Priority Actions set for the VC at the beginning of the preceding academic year and the outcomes of the APDR performance review discussion with the Chair of Council.

The Committee noted that the Vice-Chancellor did not make an application for performance-related pay in the 2022-23 annual review that would impact on his pay in the 2023-24 year.

The Committee considered the performance of the Vice-Chancellor in the 2022-23 year and acknowledged that his performance during the year had continued to be excellent.

In relation to performance against KPIs, in a context of extremely challenging financial circumstances for the sector as a whole, the Committee noted the impact of the changes to the way the Times Good University Guide (TGUG) rankings were compiled (and the effect of these on the University’s ranking. Across other KPIs, performance had been strong in four areas, with levels of performance indicating that the University was making good progress towards the goals set out in the Strategic Plan. There were a further eleven areas where there had been steady progress and a small number of measures where the KPIs may not be met or exceeded by the end of the Strategic Plan period, with the reasons for this being noted.

The relationship between the Vice-Chancellor’s contractual remuneration and that for all other employees is reviewed annually:

The head of the provider’s basic salary is 9.04 times (2022-23 - 8.71) the median pay of all staff, where the median pay is calculated on a full-time equivalent basis for the salaries paid by the provider to its staff.

The head of the provider’s total remuneration (including other benefits) is 8.94 times (2022-23 - 8.84) the median total remuneration of all staff, where the median pay is calculated on a full-time equivalent basis for the salaries paid by the provider to its staff.

Following implementation of the latest OfS requirements on the basis for calculating the above pay ratios, the University has put in place measures to capture information on the pay of agency and similar staff and has included these in the information on pay ratios set out above.

9 Other operating expenses

	Consolidated
	Year Ended 31 July 2024 £'000	Year Ended 31 July 2023 As restated £'000
Other operating expenses
Books and periodicals	5,491	5,986
Equipment and consumables	5,217	5,285
Food, drink and hospitality	3,525	3,060
Gas, water and electricity	4,522	4,712
Cleaning	1,148	1,101
Grants to Students' Union	3,332	3,319
Insurance	842	552
Long-term maintenance programme and minor works	1,650	1,755
Other expenses	11,212	1,275
Postage, telephones, printing & stationery	734	880
Professional and consultancy fees	6,470	25,518
Rates and rental of premises	20,805	13,606
Repairs and routine maintenance of estates	3,470	3,970
Research survey fieldwork	11,837	12,945
Scholarships (fee waivers and bursaries)	18,341	21,297
Travel, subsistence and accommodation	2,451	2,542
IT / AV Equipment	7,052	9,857
Fire safety and security	413	508
Adverts and marketing	2,667	2,251
Agents commission	7,408	9,548
Loss on revaluation of investment property	20	117
	118,607	130,084
Included within professional, auditor and consultancy fees above are the following amounts receivable by the external auditor: Statutory audit fee: £179,500 (2022-23: £173,600) US GAAP Conversion of 2023-24 Accounts £NIL (2022-23: £NIL) Audit-related assurance services: £7,390 (2022-23: £6,000) Taxation advisory services: £NIL (2022-23: £NIL) Depreciation, impairment and amortisation
Depreciation charge on tangible fixed assets (2022-23 as restated)	43,426	22,883
	43,426	22,883
Finance charges
Bank interest payable	5,581	5,160
Net credit / charge on pension scheme	(2,070)	2,714
	3,511	7,874

10 Analysis of total expenditure by activity

	Staff costs £'000	Other operating expenses £'000	Depreciation and amortisation £'000	Interest paid £'000	2023-24 Total £'000	2022-23 Total As restated £'000
Academic departments and centres	44,110	12,655	21	0	56,786	97,611
Academic services	8,950	12,730	0	0	21,680	32,296
Research grants and contracts	14,005	14,228	1,198	0	29,431	27,310
Residences and catering	15,070	29,684	9,932	1,452	56,138	36,404
Premises	(448)	12,939	19,094	0	31,585	23,565
Administration	4,472	8,337	0	0	12,809	22,582
Other services rendered	290	245	0	0	535	1,296
General education expenditure	3,543	25,430	0	0	28,973	34,448
Student and staff facilities	10,302	8,332	142	53	18,829	15,882
Early retirements and severances	108	0	0	0	108	50
Other expenses	(565)	(5,973)	13,039	2,006	8,507	27,691
	99,837	118,607	43,426	3,511	265,381	319,135

11 Access and Participation

	Consolidated		University
	Year Ended 31 July 2024 £'000	Year Ended 31 July 2023 £'000	Year Ended 31 July 2024 £'000	Year Ended 31 July 2023 £'000
Access Investment	2,236	1,880	2,236	1,880
Financial Support	1,587	1,855	1,587	1,855
Disability Support	331	311	331	311
Research and Evaluation	217	221	217	221
	4,371	4,267	4,371	4,267

£1,829k (2022-23: £1,598k) of these costs are already included in the overall staff costs figures included in the financial statements, see note 8.

Our published access and participation plan can be found at https://www.essex.ac.uk/about/governance/access-and-participation-plan.

12 Tangible assets

	Freehold Land and Buildings £'000 As restated	Leasehold Land and Buildings £'000	Fixtures, Fittings and Equipment £'000	Assets in the Course of Construction As restated £'000	Heritage Assets £'000	Investment Properties £'000	Total £'000 As restated
Consolidated Cost
At 1 August 2023 as restated	431,236	11,781	81,825	18,050	798	970	544,660
Adjustments	0	0	0	0	0	0	0
Additions	2,314	0	10,369	14,700	0	0	27,383
Transfers	15,463	0	6,574	(22,037)	0	0	0
Disposals	(200)	(156)	(736)	0	0	0	(1,092)
Impairment	0	0	0	(521)	0	0	(521)
Revaluations	0	1,485	0	0	0	(20)	1,465
At 31 July 2024	448,813	13,110	98,032	10,192	798	950	571,895
Depreciation
At 1 August 2023 as restated	101,002	1,701	50,689	0	0	0	153,392
Charge for the year	8,557	247	9,963	0	0	0	18,767
Disposals	(31)	0	(689)	0	0	0	(720)
Impairments	24,659	0	0	0	0	0	24,659
At 31 July 2024	134,187	1,948	59,963	0	0	0	196,098
Net Book Value At 31 July 2024	314,626	11,162	38,069	10,192	798	950	375,797
At 31 July 2023 as restated	330,234	10,080	31,136	18,050	798	970	391,268
University
Cost
At 1 August 2023	399,677	11,119	79,290	8,673	798	970	500,527
Adjustments	0	0	0	0	0	0	0
Additions	2,250	0	10,206	11,157	0	0	23,613
Transfers	2,574	0	6,574	(9,148)	0	0	0
Disposals	(200)	0	(733)	0	0	0	(933)
Impairment	0	0	0	(521)	0	0	(521)
Revaluations	0	0	0	0	0	(20)	(20)
At 31 July 2024	404,301	11,119	95,337	10,161	798	950	522,666
Depreciation
At 1 August 2023	89,275	1,275	48,947	0	0	0	139,497
Charge for the year	8,234	48	9,833	0	0	0	18,115
Transfers	0	0	0	0	0	0	0
Disposals	(31)	0	(687)	0	0	0	(718)
Impairment	6,235	0	0	0	0	0	6,235
At 31 July 2024	103,713	1,323	58,093	0	0	0	163,129
Net Book Value At 31 July 2024	300,588	9,796	37,244	10,161	798	950	359,537
At 31 July 2023 as restated	310,402	9,844	30,343	8,673	798	970	361,030

University Land and Buildings include £48.8m (2022-23: £48.8m) in respect of freehold land which is not depreciated. Included in the cost of fixed assets is aggregated interest capitalised of £2.8m (2022-23: £2.8m)

Additions to University land and buildings in the year includes £11.053m (2022-23: £7.712m) for assets in the course of construction, for which no depreciation charge has been made.

With the introduction of the Building Safety Act 2022, and the Higher Risk Building Act 2023, Council made the decision to fully depreciate three student accommodation tower blocks. A related impairment of £6,756k has been recognised in the accounts.

In addition, in light of the downturn in the commercial office letting sector, an external valuation by Gerald Eve LLP has been undertaken of the land and buildings of two University subsidiaries.

The valuation confirmed that the market has been falling for the past couple of years, which resulted in an oversight error and a change to the prior year reported figures, resulting in a net impairment of £23,651k as shown below.

	Consolidated		University
	Year Ended 31 July 2024 £'000	Year Ended 31 July 2023 £'000	Year Ended 31 July 2024 £'000	Year Ended 31 July 2023 £'000
Prior period adjustment - impairment loss on freehold land and buildings*	0	(6,595)	0	0
Prior period adjustment - loss on revaluation of assets in course of construction**	0	(117)	0	0
Current year loss on revaluation of assets in course of construction	(521)	0	(521)	0
Current year - Impairment loss on freehold land buildings	(24,659)	0	(6,235)	0
Current year - surplus on developed land for commercial use	1,485	0	0	0
	(23,695)	(6,712)	(6,756)	0

• * Restating 2022-23 opening accumulated depreciation
• ** Restating 2022-23 opening gross book value

Based on the external valuation, the already developed land used for commercial use increased in value as show in the table above.

13 Heritage assets

The University Equipment includes assets valued at £798k for works of art deemed to be heritage assets which were capitalised in 2009-10. The University's external valuer (Lyon & Turnbull) carried out a full valuation of the collection at 18 February 2010, and this was the fixed cost on transition. The values were established on the basis of the valuer's assessment of the likely replacement cost at suitable specialist retail outlets, having given consideration to quality and condition for a similar item.

14 Investments

	Consolidated		University
	Year Ended 31 July 2024 £'000	Year Ended 31 July 2023 £'000	Year Ended 31 July 2024 £'000	Year Ended 31 July 2023 As restated £'000
At 1 August	19,046	11,866	70,237	65,620
Prior Period adjustment - impairment of subsidiary investment	0	0	0	(2,563)
(Disposals) / Additions	1,301	7,180	1,301	7,180
Impairment of subsidiary investment	0	0	(12,612)	0
At 31 July as restated	20,347	19,046	58,926	70,237
Comprising:
Equities	13,117	11,801	13,117	11,801
Subsidiary companies:
University of Essex Knowledge Gateway Holdings Ltd	0	0	21,851	34,463
Universal Accommodation Group Ltd	0	0	2,893	2,893
University of Essex Campus Services Ltd	0	0	2,734	2,734
Wivenhoe House Hotel Ltd	0	0	11,101	11,101
Other investments	7,230	7,245	7,230	7,245
	20,347	19,046	58,926	70,237

The net asset value of the company's wholly owned subsidiary, the University of Essex Knowledge Gateway Holdings Ltd, has reduced below the book value of the fixed asset investments held by the company in the 2022-23 financial year. Therefore, a prior period adjustment (impairment) of £2,563k has been made to the to investment held by the University. See also Note 31 Prior period adjustment.

The net asset value of the subsidiary further reduced in 2023-24 therefore an impairment of £12,612k has been made.

15 Investment in Joint Ventures

	Year Ended 31 July 2024		Year Ended 31 July 2023
	£'000	£'000	£'000	£'000
Southend-on-Sea Forum Management Limited
Income and expenditure account
Income		391		327
Expenditure		(391)		(327)
Profit before tax		0		0
Balance sheet
Fixed assets	0		0
Current assets	344	344	316	316
Creditors: amounts due within one year	(254)		(226)
Creditors: amounts due after more than one year	0	(254)	0	(226)
Share of net assets in Southend-on-Sea Forum Management Ltd		90		90

Southend-on-Sea Forum Management Ltd (SoSFML) is a joint venture between University of Essex, Southend-on-Sea Borough Council and South Essex College of Further and Higher Education. The joint venture was established in order to oversee the property management of the Forum building in Southend which is the UK's first integrated academic and public library and combines the modern teaching facilities of South Essex College, the research and learning environment of the University of Essex and the municipal library of Southend-on-Sea Borough Council. For the year ending 31 July 2024 it recorded a surplus of £nil (2022-23: £nil).

During the year, SoSFML Ltd purchased goods and services to the value of £3k from the University (2022-23: £Nil) of which £Nil was outstanding at 31 July 2024 (2022-23: £Nil). SoSFML Ltd provided services to the University to the value of £444k (2022-23: £361k) with £Nil outstanding at 31 July 2024 (2022-23: £2k Cr).

Southend-on-Sea Forum Management Ltd has been accounted for as a joint venture in accordance with FRS 102 Section 15. The level of profit included within the consolidated financial statements is as shown above and in the summary of joint ventures note.

	Year Ended 31 July 2024 £'000	Year Ended 31 July 2023 £'000
Total income from joint ventures recognised in the Income Statement
Income from SoSFML	391	327
Total income from joint ventures	391	327
Total profit/(loss) from joint ventures recognised in the Income Statement
Profit/(loss) from SoSFML	0	0
Total profit/(loss) from joint ventures	0	0
Share of gross assets and liabilities in joint ventures:
Share of net assets in SoSFML	90	90
Total share of gross assets in joint ventures	90	90

16 Stock

	Consolidated		University
	Year Ended 31 July 2024 £'000	Year Ended 31 July 2023 £'000	Year Ended 31 July 2024 £'000	Year Ended 31 July 2023 £'000
Stock	305	331	172	205

17 Debtors

	Consolidated		University
	Year Ended 31 July 2024 £'000	Year Ended 31 July 2023 £'000	Year Ended 31 July 2024 £'000	Year Ended 31 July 2023 £'000
Amounts falling due within one year:
Trade debtors	775	3,134	449	3,042
Student fees	10,569	6,361	10,569	6,361
Research debtors	5,457	4,785	5,457	4,785
Prepayments and accrued income	14,958	20,431	14,001	17,530
Other debtors	72	120	30	30
Amounts due from subsidiary companies	0	0	2,162	649
	31,831	34,831	32,668	32,397

18 Investments

	Consolidated		University
	Year Ended 31 July 2024 £'000	Year Ended 31 July 2023 £'000	Year Ended 31 July 2024 £'000	Year Ended 31 July 2023 £'000
Deposit term:
deposits of one year or less	32,347	61,328	32,347	61,328
	32,347	61,328	32,347	61,328

Deposits are held with banks and building societies operating in the London market and licensed by the Financial Conduct Authority with more than 24 hours maturity at the balance sheet date. 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 3.97% per annum and the remaining weighted average period for which the interest rate was fixed on these deposits is 55 days. The fair value of these deposits was not materially different from the book value.

19 Creditors: amounts falling due within one year

	Consolidated		University
	Year Ended 31 July 2024 £'000	Year Ended 31 July 2023 £'000	Year Ended 31 July 2024 £'000	Year Ended 31 July 2023 £'000
Secured loans	2,386	2,266	2,386	2,266
Unsecured loans	0	0	0	0
Payments received in advance	28,529	29,470	28,388	29,315
Research grants received on account	14,131	15,918	14,131	15,918
Trade creditors	3,661	5,815	3,378	5,150
Bank Overdraft	0	0	0	0
Social security and other taxation payable	5,491	3,383	5,247	2,910
Accruals and deferred income	14,779	20,498	11,668	17,602
Amounts due to subsidiary companies	0	0	15,123	13,864
	68,977	77,350	80,321	87,025

20 Creditors: amounts falling due after more than one year

	Consolidated		University
	Year Ended 31 July 2024 £'000	Year Ended 31 July 2023 £'000	Year Ended 31 July 2024 £'000	Year Ended 31 July 2023 £'000
Analysis of secured and unsecured loans:
Due within one year or on demand	2,386	2,266	2,386	2,266
Due between one and two years	2,386	2,266	2,386	2,266
Due between two and five years	5,971	5,824	5,971	5,824
Due in five years or more	62,665	65,318	62,665	65,318
	73,408	(2,266)	(2,386)	(2,266)
Due within one year or on demand	(2,386)	(2,266)	(2,386)	(2,266)
Due after more than on year	71,022	73,408	71,022	73,408
Other creditors:
Due between one and two years	5,920	6,054	741	741
Due between two and five years	2,963	3,401	2,963	2,963
Due in five years or more	98,758	99,153	94,769	95,510
	107,641	108,608	98,473	99,214
Total	178,663	182,016	169,495	172,622

As at 31 July 2024, the University had secured loans with Lloyds totalling £73.4m (2022-23: £75.6m), at a fixed rate of interest of 4.79% and repayable by 2043 . The loan is secured on the Southend Student Accommodation land and building which has a netbook value at 31 July 2024 of £23.3m (2022-23: £23.8m).

On 14 July 2017 the University contracted to issue £50m of 2.87% unsecured bonds due 2037 and £15m of 3.11% unsecured bonds due 2047. The bonds were issued at 100% of their principal amount on 29 September 2017 and the proceeds of issue amounted to £65m. Interest is payable on the 29 March and 29 September each year commencing 29 March 2018. Unless previously redeemed, the bonds will be redeemed at their principal amount on 29 September 2037 and 29 September 2047 respectively.

21 Provisions for liabilities

Consolidated	Obligation to fund deficit on USS pension £'000	Obligation to fund deficit on SAUL pension £'000	Defined Benefit Obligations LGPS £'000	Total Pensions Provisions £'000	Total Other £'000
At 1 August 2023	76,514	0	0	76,514	9,535
Contributions to the provision (USS)	(2,601)	0	0	(2,601)	0
Unwinding of discount factor (USS)	1,755	0	0	1,755	0
Reversal of USS provision 31 December 2023	(75,668)	0	0	(75,668)	(5,481)
Utilised in year	0	0	209	209	469
At 31 July 2024	0	0	209	209	4,523

University	Obligation to fund deficit on USS pension £'000	Obligation to find deficit on SAUL pension £'000	Defined Benefit Obligations LGPS pension £'000	Total Pensions Provisions £'000	Total Other £'000
At 1 August 2023	75,627	0	0	75,627	9,535
Contributions to the provision (USS)	(2,546)	0	0	(2,546)	0
Unwinding of discount factor (USS)	1,730	0	0	1,730	0
Reversal of USS provision 31 December 2023	(74,811)	0	0	(74,811)	0
Utilised in year	0	0	0	0	(5,481)
Additions  in year	0	0	209	209	489
31 July 2024	0	0	209	209	4,523

The University of Essex has implemented an asset ceiling of £nil in 2022-23. Only the present value of unfunded LGPS obligation is shows as a pension provision.

USS and SAUL deficit

The obligation to fund the past deficits on the Universities Superannuation Scheme (USS) and the Superannuation Arrangements of the University of London ("SAUL") arises from the contractual obligation with the pension schemes for total payments relating to benefits arising from past performance.

Management have assessed future employees within the USS scheme and salary payment over the period of the contracted obligation in assessing the value of this provision now not in deficit. Further details in relation to the University's pension schemes can be found at note 28.

22 Endowment Reserves

Restricted net assets relating to endowments are as follows:

	Restricted permanent endowments £'000	Expendable endowments £'000	2024 Total £'000	2023 Total £'000
Balances at 1 August
Capital	1,863	7,112	8,975	8,912
Accumulated income	24	90	114	204
	1,887	7,202	9,089	9,116
New endowments	0	0	0	0
Transfer to Expendable Endowments	0	1,735	1,735	(8)
Transfer from Permanent Endowments	(1,735)	0	(1,735)	0
Investment income	2	148	150	122
Expenditure	(1)	(128)	(129)	(8)
	1	20	21	114
Increase in market value of investments	15	890	905	71
At 31 July	168	9,847	10,015	9,293
Represented by:
Capital	143	9,737	9,880	8,975
Accumulated income	25	110	135	114
	168	9,847	10,015	9,089
Analysis by type of purpose:
Scholarships and bursaries	20	1,923	1,943	1,753
Prize funds	52	95	147	133
General	97	7,828	7,925	7,203
	169	9,846	10,015	9,089
Analysis by asset:
Current and non-current asset investments			9,019	8,114
Cash and cash equivalents			996	975
			10,015	9,089

23 Restricted Reserves

Reserves with restrictions are as follows:

	Donations
	2024 Total £'000	2023 Total £'000
Balances at 1 August	4,755	4,360
New donations	254	262
Transfer from Restricted Permanent Endowment	0	0
Transfer to Restricted Expendable Endowment	0	8
Investment income	184	108
Increase in market value of investments	411	32
Expenditure	(288)	(15)
	307	125
At 31 July	5,316	4,755
Analysis of other restricted funds/donations by type of purpose:
Scholarships and bursaries	1,443	1,300
Prize funds	399	363
General	3,474	3,092
	5,316	4,755
Analysis by asset:
Current and non-current asset investments	4,098	3,687
Cash and cash equivalents	1,218	1,068
	5,316	4,755

24 Consolidated reconciliation of net debt

	Year Ended 31 July 2024 £'000	Year Ended 31 July 2023 £'000
Net debt 1 August	(38,898)	(31,057)
Movement in cash and cash equivalents	(23,688)	(7,841)
Net debt 31 July	(62,586)	(38,898)
Change in net debt	(23,688)	(7,841)

	Consolidated
	Year Ended 31 July 2024 £'000	Year Ended 31 July 2023 £'000
Analysis of net debt:
Cash and cash equivalent	75,822	101,777
Borrowings: amounts falling due within on year
Secured loans	(2,386)	(2,266)
	73,436	99,511
Borrowings: amounts falling due after more than one year
Secured loans	(71,022)	(73,409)
Unsecured Bond	(65,000)	(65,000)
	(136,022)	(138,409)
Net debt	(62,586)	(38,898)

25 Capital and other commitments

Provision has not been made for the following capital commitments at 31 July 2024:

	Consolidated		University
	Year Ended 31 July 2024 £'000	Year Ended 31 July 2023 £'000	Year Ended 31 July 2024 £'000	Year Ended 31 July 2023 £'000
Commitments contracted for	7,544	3,755	7,333	1,915
Authorised but not contracted for	1,315	0	1,315	0
	8,859	3,755	8,648	1,915

26 Lease obligations

Total rentals payable under operating leases:

	31 July 2024 Consolidated
	Land and Buildings £'000	Plant and Machinery £'000	Total £'000	Year Ended 31 July 2023 £'000
Payable during the year	198	78	276	859
Future minimum lease payments due:
Not later than one year	198	163	361	851
Later than 1 year and not later than 5 years	1,285	179	1,464	1,207
Later than 5 years	5,926	0	5,926	6,361
Total lease payments due	7,409	342	7,751	8,419

Leases are for land and buildings.

The original leases are for a unit at Southend and land at East 15, Loughton.

27 Disclosure of related party transactions

The related parties of the University are the wholly and partially owned subsidiary undertakings (listed in note 29) of these Financial Statements, the University of Essex Students' Union and the members of the Council.

In the preparation of these Financial Statements, the University has taken advantage of the exemptions contained within Section 33.1A of FRS 102 relating to transactions and balances eliminated on consolidation.

All transactions and balances with the subsidiary undertakings have been eliminated on consolidation and therefore no disclosure is given.

Due to the nature of the relationship between the entities, the University of Essex Students' Union, which has a presence at Colchester, Southend and Loughton Campuses, is considered to be a related party. In the year to 31 July 2024 the University paid the Union a revenue grant of £3.29m (2022-23: £3.418m). This payment was made through three grants: the first being a core grant of £2.45m as unrestricted funds to be used in support of the Union’s charitable aims in supporting the educational and social aspects of student life at the University of Essex; the second being a rental grant of £514.7k; and the third being a grant of £321k in support of sports clubs within the Union.

The Union's income and expenditure account shows the following:

	Year Ended 31 July 2024 £'000	Year Ended 31 July 2023 £'000
Income	3,150	2,805
Expenditure	(2,951)	(2,744)
Operating surplus before and after transfers from reserves	199	61

Kieran Phillips was a Council member during 2023-24 who also sat on Essex Students' Union Board.

All transactions involving organisations in which a member of Council may have an interest are conducted at arm's length and in accordance with the University's Financial Regulations and normal procurement procedures. Given that the University Council includes members drawn from public and private sector organisations, some transactions take place with organisations in which a member of Council may have an interest. However, these transactions occur at the operational level where they are instigated by members of staff and approved by senior management under delegated authority. There is no direct benefit to members of Council.

Members of Council, its sub-committees and key management personnel are required to declare all outside interests. When an item arises in which a member has an interest, it must be declared and the member concerned may not take part in that debate or any related decisions.

The Chief Finance Officer received £19.5k (2022-23: £28.8k) during the course of the year from UMAL Ltd, a company which provides cover for terrorism risk, for serving as a Director of that company.

The Dean of Postgraduate Research Development received an award of £2.04k (2022-23: NIL) during the course of the year from the University of Essex REO Development fund for work with Dad Still Standing project.

28 Pension Schemes

The University has three principal pension schemes for employees. These are the Universities Superannuation Scheme (USS), the Local Government Pension Scheme (LGPS) and Superannuation Arrangements of the University of London (SAUL).

The assets of the schemes are held in separate trustee-administered funds. All three schemes are defined benefit schemes and are contracted out of the State Earnings-Related Pension Scheme.

On 1 September 2014 the University of Essex Pension Scheme (UEPS) merged into the Superannuation Arrangements of the University of London (SAUL). This effectively means the Scheme ceased on 1 September 2014, as all assets and liabilities were transferred to SAUL.

USS and SAUL are mutual schemes and the assets are not hypothecated to individual institutions and it is therefore not possible to identify the University's share of the underlying assets and liabilities.

LGPS became a closed scheme from August 1997 and subsequently all non-academic and related staff who were not members of a pension scheme could join the UEPS. When UEPS became a closed scheme from March 2004, all new staff were eligible to join USS.

Since June 2014 all staff between the grades of 1 to 6 are eligible to join SAUL while staff graded 7 to 11 are eligible to join USS.

Two of the University's subsidiary companies, Wivenhoe House Hotel Limited and University of Essex Campus Services Limited pay into personal pension schemes and a scheme called NEST for some employees. These are all defined contribution schemes.

The total pension cost for the University and its subsidiary undertakings was:

	Year Ended 31 July 2024 £'000	Year Ended 31 July 2023 £'000
Contribution to USS	25,076	28,553
Contribution to LGPS	168	210
Contributions to UEPS	0	0
Contribution to SAUL	5,457	5,254
Contribution to NEST	493	354
Contribution to personal pensions	15	0
LGPS additional University costs to fund past service deficiency	(174)	773
Reversal / Release of USS provision	(78,479)	(10,055)
SAUL additional University costs to fund past service deficiency	0	0
LGPS actuarial adjustment to pension costs	(16)	(397)
Total pension cost	47,460	24,692
The total FRS 102 pension liability for the University and its subsidiary undertakings was:
LGPS pension liability	(209)	0
USS pension liability	0	(76,514)
SAUL pension liability	0	0
Total pension liability	(209)	(76,514)

Universities Superannuation Scheme (USS)

The University participates in the Universities Superannuation Scheme (the scheme) which is 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 trustee-administered fund.

USS is a multi-employer scheme and is accounted for as set out in the accounting policies.

The total net cost charged to the Consolidated Statement of Comprehensive Income and Expenditure is £53,403k credit (2023: £18,498k charge) including the movement on deficit recovery provision of £78,479k credit (2023: £10,055k credit).

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 university was no longer required to make deficit recovery contributions from 1 January 2024 and accordingly released the outstanding provision to the consolidated statement of comprehensive income and expenditure.

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

The 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 https://www.uss.co.uk/about-us/valuation-and-funding/statement-of-funding-principles

CPI Assumptions:
"Term Term dependent rates in line with the difference between the Fixed Interest and Index Linked yield curves less:"
1.0% p.a. to 2030, reducing linearly by 0.1% p.a. from 2030.

Pension increases (subject to a floor of 0%)
Benefits with no cap: CPI assumption plus 3bps
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% p.a and Post retirement: 0.9% p.a"

The main demographic assumptions used relate to the mortality assumptions. These assumptions are based on analysis of the scheme’s experience carried out as part of the 2023 actuarial valuation. The mortality assumptions used in these figures are as follows:

	2023 valuation
Mortality base table	101% of S2PMA "light" for males and 95% of S3PFA for females
Future improvements to mortality	CMI 2021 with a smoothing parameter of 7.5, an initial addition of 0.4% p.a., 10% w2020 and w2021 parameters, and a long-term improvement rate of 1.8% pa for males and 1.6% pa for females.

The current life expectancies on retirement at age 65 are:

	2024	2023
Males currently aged 65	23.7 years	24 years
Females currently aged 65	25.6 years	25.6 years
Males currently aged 45	25.4 years	26 years
Females currently aged 45	27.2 years	27.4 years

28 Local Government Pension Scheme (LGPS)

The Essex County Council LGPS is a funded defined benefit scheme, with the assets held in separate trustee administered funds. The employer contribution rate for 2023-24 was 23.9% (2022-2: 23.9%).

From 01 April 2014, all members of the scheme transferred to a Career Average Revalued Earnings (CARE) benefit structure. As a consequence, the cost of benefit accrual is expected to fall. This will allow an increasing proportion of the expected asset return to be used to eliminate the funding shortfall.

The value of the employer's liability is assessed every three years in accordance with the advice of a qualified actuary. The assumptions and other data that have the most significant effect on the determination of the contribution levels are as follows:

Last actuarial valuation:	31 Mar 2022
Actuarial method:	Projected Unit
Pension increases:	2.9% per annum
Salary scale increases	3.9% per annum
Market value of assets at date of last valuation (whole fund): £9,650 million

Actuarial Assumptions

The major assumptions used by the actuary for University of Essex were:

	At 31 July 2024 %	At 31 July 2023 %
Financial assumptions
Rate of increase in salaries	3.85	3.80
Rate of increase in pension payments	2.85	2.80
Expected return on assets	10.20	5.51
Discount rate for liabilities	4.95	5.25
CPI assumptions	2.85	2.80

The major assumptions used by the actuary for University of Essex Commercial Services were:

	At 31 July 2024 %	At 31 July 2023 %
Financial assumptions
Rate of increase in salaries	3.85	3.80
Rate of increase in pension payments	2.85	2.80
Expected return on assets	10.20	5.51
Discount rate for liabilities	5.00	5.20
CPI assumptions	2.85	2.80
The return on the Fund (on a bid value to bid value basis) for the year to 31 July 2024 is estimated to be 10.2% (2023:5.51%). The actual return on Fund assets over the year may be different from the estimated return. Management have relied on the fund administrators to return on Fund investments: The split of assets between investment categories was the same for both University of Essex and University of Essex Commercial Services:
Split of assets between investment categories
Equities	56.00	58.00
Government Bonds	2.00	1.00
Other Bonds	0.00	0.00
Property	7.00	8.00
Cash	2.00	3.00
Alternative assets	15.00	16.00
Other managed funds	18.00	14.00
TOTAL	100.00	100.00

Expected rate of return on assets in the scheme

	Consolidated 31 July 2024 £'000	University 31 July 2024 £'000	Consolidated 31 July 2023 £'000	University 31 July 2023 £'000
Estimated asset share	88,167	81,487	82,811	76,535
Present value of scheme liabilities	(40,900)	(37,495)	(40,591)	(37,227)
Changes in effect of asset ceiling	(47,476)	(44,201)	(42,220)	(39,308)
(Deficit) /Surplus in the scheme	(209)	(209)	0	0
	216%	217%	204%	206%

The expected rate of return on assets is based upon market expectations, at the beginning of the period, for investment returns over the entire life of the related obligation.

Demographic/Statistical assumptions

The actuary has adopted a set of demographic assumptions that are consistent with those used for the most recent fund valuation, which was carried out at 31 March 2022. The post retirement mortality tables adopted are the S3PA tableswith a multiplier of 110% for males (2023: 110%) and 110% for females (2023:110%).These base tables are then projected using the CMI 2023 Model (2023:CMI 2022 Model), allowing for a long-term rate of improvement of 1.25% pa. (2023: 1.25% pa.), smoothing parameter of 7 (2023: 7) and an initial addition parameter of 0.0% pa (2023:0.0% pa) and 2023 weighting of 15%, a 2022 weighting of 15% (2023: 25%), 2021 weight parameter of 0% (2023: 0%) and 2020 weigh parameter of 0% (2023: 0%).

	At 31 July 2024 CMI 2023	At 31 July 2023 CMI 2022
Life expectancy:
Male current pensioner aged 65	20.7 years	20.7 years
Female current pensioner aged 65	23.3 years	23.2 years
Male future pensioner aged 65	22.0 years	22.0 years
Female future pensioner aged 65	24.7 years	24.6 years

	Consolidated At 31 July 2024 £'000	University At 31 July 2024 £'000	University At 31 July 2023 £'000
Amounts recognised in the profit and loss statement are:
Service cost	160	147	364
Net interest on the defined liability	(2,222)	(2,070)	(47)
Administration expenses	55	51	44
Total operating charge	(2,007)	(1,872)	361
Re-measurements in other comprehensive income
Return on Fund assets in excess of interest	4,033	3,725	1,558
Change in financial assumptions	(1,483)	(1,380)	11,409
Change in demographic assumptions	102	96	1,055
Other actuarial gains/losses	0	0	(483)
Experience gain/(loss) on defined benefit obligation	174	157	(4,965)
Changes in effect of asset ceiling	(47,476)	(44,201)	29,257
Asset ceiling implemented b/f	42,220	39,308	(39,308)
Remeasurement of the defined liability	(2,430)	(2,295)	(1,477)
Movements in deficit during the year
Deficit in scheme in 1 August	0	0	1,033
Movements in the year:
Current service charge	(160)	(147)	(289)
Past Service cost, including curtailments	0	0	(75)
Contributions by employer including unfunded	214	214	805
Net interest on the defined liability	2,222	2,070	1,009
Liabilities assumed on settlements	0	0	0
Return on assets less interest	4,033	3,725	1,558
Actuarial (gain)/ loss	(1,207)	(1,127)	7,016
Settlement and Curtailment	0	0	0
Deferred Tax Asset	0	0	0
Administration expenses	(55)	(51)	(44)
Changes in effect of asset ceiling	(5,256)	(4,893)	29,257
Interest on asset ceiling	0	0	(962)
Asset ceiling implemented	0	0	(39,308)
Deficit in scheme at 31 July	(209)	(209)	0
The asset ceiling limits the net defined funded benefit asset to be the projected employer service cost over the expected active membership of the Fund, less the certified employer contributions, discounted at the accounting discount rate as at 31 July 2024.
Change in benefit obligation during the period to 31 July
At beginning of year	40,591	37,227	45,452
Current service cost	160	147	289
Interest cost on pension liabilities	2,048	1,879	1,503
Change in financial assumptions	1,483	1,380	(11,409)
Change in demographic assumptions	(102)	(96)	(1,055)
Experience (gain)/loss on defined benefit obligation	(174)	(157)	4,965
Estimated benefits paid net of transfers in	(3,115)	(2,891)	(2,611)
Past service costs, including curtailments	0	0	75
Contributions by Scheme participants	50	47	58
Unfunded pension payments	(41)	(41)	(40)
Changes in effect of asset ceiling	0	0	0
At end of year	40,900	37,495	37,227
Analysis of movement in the market value of the scheme assets
At beginning of year	82,811	76,535	74,780
Interest on assets	4,270	3,949	2,512
Return on assets less interest	4,033	3,725	1,558
Other actuarial losses	0	0	(483)
Administration expenses	(55)	(51)	(44)
Contributions by employer including unfunded	214	214	805
Contributions by Fund participants	50	47	58
Estimated benefits paid plus unfunded net of transfers in	(3,156)	(2,932)	(2,651)
At end of year	88,167	81,487	76,535

28 Superannuation Arrangements of the University of London (SAUL)

General description of the pension scheme

The University of Essex participates in the Superannuation Arrangements of the University of London (“SAUL”), which is a centralised defined benefit scheme within the United Kingdom and is contracted-out of the Second State Pension (prior to April 2016).

SAUL is an independently-managed pension scheme for the non-academic staff of over 50 colleges and institutions with links to higher education.

Pension benefits accrued within SAUL currently build up on a Career Average Revalued Earnings (“CARE”) basis.

University of Essex is not expected to be liable to SAUL for any other current participating employer’s obligations under the Rules of SAUL, but in the event of an insolvency event of any participating employer within SAUL, 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.

Funding Policy

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 are due to be reviewed 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 at that date, 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.

Accounting Policy

The University of Essex is a Participating Employer in SAUL. The actuarial valuation applies to SAUL as a whole and does not identify surpluses or deficits applicable to individual employers. As a whole, the market value of SAUL’s assets at 31 March 2023 was £3,096 million representing 105% of the liabilities.

It is not possible to identify an individual Employer’s share of the underlying assets and liabilities of SAUL. University of Essex accounts for its participation in SAUL as if it were a defined contribution scheme and pension costs are based on the amounts actually paid (i.e. cash amounts) in accordance with paragraphs 28.11 of FRS 102.

As there was a Technical Provision surplus at 31 March 2023, no deficit contributions were required following the 2023 valuation and there is no defined benefit liability (i.e. the present value of any deficit contributions due to SAUL) to be recognised by the University of Essex.

29 Subsidary undertakings

Company	Principal Activity	At 31 July 2024 £1 Shares	At 31 July 2023 £1 Shares
University of Essex Enterprises	Acquisition, protection and licensing of intellectual propertyfrom the University	2	2
Wivenhoe House Hotel Ltd	Development and operation of a hotel school	11,100,620	11,100,620
University of Essex Campus Services Ltd	Management of commercial activities at the University	2,734,000	2,734,000
University of Essex Knowledge Gateway Holdings Ltd	Holding land on behalf of the University for development as a Research Park	37,025,955	37,025,955
University of Essex Knowledge Gateway Ltd	Development and marketing of a Research Park	28,885,277	28,885,277
East 15 Acting School Ltd	Dormant throughout the year	2	2
Universal Accommodation Group Ltd	Holding land on which student accommodation is located	1	1
Eastern HE Cost Sharing Ltd	Provision of internal audit services	51	51
SEA Essex Sdn. Bhd. Registered in Malaysia		0.18	0.18
Versitile Robotx Ltd	Dormant throughout the year	0.0001	0

Trading results of wholly owned subsidiaries:

	Year Ended 31 July 2024 £'000	Year Ended 31 July 2023 £'000
University of Essex Enterprises Ltd*	27	(9)
Wivenhoe House Hotel Ltd*	(242)	(244)
University of Essex Campus Services Ltd*	1,619	(164)
University of Essex Knowledge Gateway Holdings Ltd*	(12,612)	(2,341)
Universal Accommodation Group Ltd*	417	301
University of Essex Knowledge Gateway Ltd*	(13,839)	17
Eastern HE Cost Sharing Ltd	0	0
SEA Essex Sdn. Bhd. (Registered in Malaysia)	6	2
	(24,624)	(2,438)

* Trading results before tax, gift aid payments and impairments

The 2022-23 Financial Statements of Univerity of Essex Knowledge Gateway Holdings Ltd and University of Essex Knowledge Gateway Ltd have been restated due to a prior period adjustment relating to the devaluation of their fixed assets. Further details in Note 31 Prior period adjustment.

These results have been included in the consolidated financial statements. All subsidiaries have a year end date of 31 July.

30 Agency Arrangements

	University
	2023-24 £'000	2022-23 £'000
OfS Teaching Grant
Payments received from OfS	61	63
Payments made to partner institutions	(61)	(63)
Balance unspent at 31 July	0	0
Research England Research Grant
Payments received from Research England	1,503	0
Payments made to partner institutions	(1,503)	0
Balance unspent at 31 July	0	0

These funds are received by the University in respect of its partner institutions.The income and the related payments are therefore excluded from the Income & Expenditure Account.

The University has partnership arrangements for the delivery of Higher Education programmes with the Tavistock and Portman NHS Foundation Trust.

31 Prior Period Adjustment

The 2022-23 Financial Statements have been restated due to an oversight in the devaluation of office space and land held for commercial development. This resulted in an error in the amounts recognised and its consequent impact on the value of fixed asset properties in University of Essex Knowledge Gateway Holdings Ltd and University of Essex Knowledge Gateway Ltd.

As a result the net asset value of the company's wholly owned subsidiary, the University of Essex Knowledge Gateway Holdings Ltd, has reduced below the book value of the fixed asset investments held by the company in the 2022-23 financial year. Therefore, a prior period adjustment adjustment (impairment) of £2,563k has been made to the to investment held in the University only Financail Statements. There is no effect on the consolidated Financial Statements as the amount is eliminated on consolidation.

	Consolidated 31 July 2023 £'000	University 31 July 2023 £'000
Prior period adjustment - loss on freehold land and buildings impairment	(6,595)	0
Prior period adjustment - loss on revaluation of assets in course of construction	(117)	0
Prior Period adjustment - impairment of investment of subsidiary	0	(2,563)
Change in Net Assets	(6,712)	(2,563)

The above prior period adjustments have resulted in a change to the 2022-23 total comprehensive surplus as below:

	Consolidated 31 July 2023 £'000	University 31 July 2023 £'000
Total comprehensive surplus before prior period adjustment	20,249	16,632
Prior period adjustment - loss on freehold land and buildings impairment	(6,595)	0
Prior period adjustment - loss on revaluation of assets in course of construction	(117)	0
	(6,712)	0
Prior Period adjustment - impairment of investment of subsidiary	0	(2,563)
Total comprehensive surplus as restated	13,537	14,069

For further details see notes 12 - Tangible Assets and note 14 - Investments.

32 Supplementary Schedule for the United States Department of Education (Restated)

There has been a change to the prior year reported figures for the USS Supplementary Scheme as noted in the 2023 restated column. 

See note 31 for more details.

In satisfaction of its obligation to facilitate student's access to US federal aid, the University of Essex is required, by the Department of Education, to present the following Supplemental Schedule in a prescribed format. The amounts presented within the schedules have been:

• prepared under the historical cost conversion, subject to the revaluation of certain fixed assets;
• prepared using United Kingdom Generally Accepted Accounting Practice, in accordance with Financial Reporting Standard 102 (FRS102) and the Statement of Recommended Practice: Accounting for Further and Higher Education (2019 edition);
• presented in thousands pounds sterling.

The schedules set out how each amount disclosed has been extacted from the financial statements.

As set out above, the accounting policies used in determining the amounts disclosed are not intended to and do not comply with the requirements of Accounting Principles Generally Accepted in the United States of America.

Notes			Year Ended 31 July 2024 £'000	Year Ended 31 July 2023 (Restated) £'000	Year Ended 31 July 2023 £'000
Expendable Net Assets
B/S	Statement of Financial Position - Net assets without donor restrictions	Net assets without donor restrictions	236,489	188,084	194,796
22 & 23	Statement of Financial Position - Net assets with donor restrictions	Net assets with donor restrictions	15,331	13,844	13,844
	Statement of Financial Position - Related party receivable and Related party note disclosure	Secured and Unsecured related party receivable
	Statement of Financial Position - Related party receivable and Related party note disclosure	Unsecured related party receivable
12	Statement of Financial Position - Property, Plant and equipment, net	Property, plant and equipment, net (includes Construction in progress)	375,797	391,268	397,980
FS Note line 8A	Note of the Financial Statements - Statement of Financial Position - Property, plant and equipment - pre-implementation	Property, plant and equipment - pre-implementation	310,505	328,574	335,286
	Note of the Financial Statements - Statement of Financial Position - Property, plant and equipment - post-implementation with outstanding debt for original purchase	Property, plant and equipment - post-implementation with outstanding debt for original purchase
FS Note line 8D	Note of the Financial Statements - Statement of Financial Position - Property, plant and equipment - post-implementation without outstanding debt for original purchase	Property, plant and equipment - post-implementation without outstanding debt for original purchase	55,100	44,431	44,431
FS Note line 8C	Note of the Financial Statements - Statement of Financial Position - Construction in progress	Construction in progress	10,192	18,263	18,263
	Statement of Financial Position - Lease right-of-use assets, net	Lease right-of-use asset, net
	Note of the Financial Statements - Statement of Financial Position - Lease right-of-use asset pre-implementation	Lease right-of-use asset pre-implementation
	Note of the Financial Statements - Statement of Financial Position - Lease right-of-use asset post-implementation	Lease right-of-use asset post-implementation
	Statement of Financial Position - Goodwill (and other intangibles)	Intangible assets
21	Statement of Financial Position - Post-employment and pension liabilities	Post-employment and pension liabilities	209	76,514	76,514
20	Statement of Financial Position - Note Payable and Line of Credit for long-term purposes (both current and long term) and Line of Credit for Construction in process	Long-term debt - for long term purposes	73,408	75,674	75,674
20	Statement of Financial Position - Note Payable and Line of Credit for long-term purposes (both current and long term) and Line of Credit for Construction in process	Long-term debt - for long term purposes pre-implementation	73,408	75,674	75,674
	Statement of Financial Position - Note Payable and Line of Credit for long-term purposes (both current and long term) and Line of Credit for Construction in process	Long-term debt - for long term purposes post-implementation
	Statement of Financial Position - Note Payable and Line of Credit for long-term purposes (both current and long term) and Line of Credit for Construction in process	Line of Credit for Construction in process
	Statement of Financial Position - Lease right-of-use asset liability	Lease right-of-use asset liability
	Statement of Financial Position - Lease right-of-use asset liability pre-implementation	Pre-implementation right-of-use leases
	Statement of Financial Position - Lease right-of-use asset liability post-implementation	Post-implementation right-of-use leases
	Statement of Financial Position - Annuities	Annuities with donor restrictions
	Statement of Financial Position - Term endowments	Term endowments with donor restrictions
	Statement of Financial Position - Life Income Funds	Life income funds with donor restrictions
20	Statement of Financial Position - Perpetual Funds	Net assets with donor restrictions: restricted in perpetuity	15,331	13,844	13,844
Total Expenses and Losses
10	Statement of Activites - Total Operating Expenses (Total from Statement of Activities prior to adjustments)	Total expenses without donor restrictions - taken directly from Statement of Activities	265,381	319,135	312,423
5 & CSCI	Statement of Activites - Non-Operating (Investment return appropriated for spending), Investments, net of annual spending gain (loss), Other components of net periodic pension costs, Pension-related changes other than net periodic pension, changes other than net periodic pension, Change in value of split-interest agreements and Other gains (loss) - (Total from Statement of Activities prior to adjustments)	Non-Operating and Net Investment (loss)	(4,858)	(2,409)	(2,409)
5 & CSCI	Statement of Activites - (Investment return appropriated for spending) and Investments, net of annual spending, gain (loss)	Net investment losses	(7,288)	(3,897)	(3,897)
	Statement of Activities - Pension related changes other than periodic pension	Pension-related changes other than net periodic costs
Modified Net Assets
B/S	Statement of Financial Position - Net assets without donor restrictions	Net assets without donor restrictions	236,489	188,084	194,796
22 & 23	Statement of Financial Position - total Net assets with donor restrictions	Net assets with donor restrictions	15,331	13,844	13,844
	Statement of Financial Position - Goodwill (and other intangibles)	Intangible assets
	Statement of Financial Position - Related party receivable and Related party note disclosure	Secured and Unsecured related party receivable
	Statement of Financial Position - Related party receivable and Related party note disclosure	Unsecured related party receivable
Modified Assets
B/S	Statement of Financial Position - Total Assets	Total Assets	504,192	547,343	554,055
	Note of the Financial Statements - Statement of Financial Position - Lease right-of-use asset pre-implementation	Lease right-of-use asset pre-implementation
	Statement of Financial Position - Lease right-of-use asset liability pre-implementation	Pre-implementation right-of-use leases
	Statement of Financial Position - Goodwill (and other intangibles)	Intangible assets
	Statement of Financial Position - Related party receivable and Related party note disclosure	Secured and Unsecured related party receivable
	Statement of Financial Position - Related party receivable and Related party note disclosure	Unsecured related party receivable
Net Income Ratio
B/S	Statement of Activities - Change in Net Assets Without Donor Restrictions	Change in Net Assets Without Donor Restrictions	48,405	12,965	19,677
5 & CSCI	Statement of Activities - (Net assets released from restriction), Total Operating Revenue and Other Additions and Sale of Fixed Assets, gains (losses)	Total Revenue and Gains	310,415	330,263	330,263