Financial Statements 2025

for year ending 31 July 2025

INSPIRED. EMPOWERED. EMPLOYED.

Foreword

from Maggie Galliers CBE, Chair of University Council

The 2024/5 financial year has been a time of change for the University, and I want to express my sincere thanks to our community of dedicated students; to every member of staff for their hard work and support for our new direction; and to our current and departing Council members for their valued and unwavering commitment in setting and upholding the University’s mission and values and promoting its effective management.

In March 2024, Professor Nick Braisby announced that he would step down as Vice-Chancellor of Buckinghamshire New University. I led the Appointments Committee which oversaw the thorough, fair and robust recruitment process to appoint BNU’s next Vice-Chancellor, and ensured it was consultative, inclusive, externally moderated and designed to test all aspects of suitability for this crucial role.

In October 2024, the Appointments Committee recommended Professor Damien Page as its preferred candidate to the University Council which was unanimously endorsed. Damien’s tenure as Vice-Chancellor began on 1 st February 2025.

During the year in review, the University Council has continued to oversee the delivery of the Thrive 28 University Strategy but, as the Vice Chancellor will outline in his introduction that follows, our Council now wants to set a more focused and ambitious strategy which will better reflect our commitment, under the new leadership team, to innovate, to challenge accepted norms, to be more transparent and to provide even better services to our students which will give them the right platform to fulfil their potential and realise their ambitions.

I, along with my colleagues on the University Council, am confident that Damien has already demonstrated that he is the right person to lead BNU through the next stage of our development, and we will ensure we are well placed to grow our core offer, expand our research portfolio, to be an employer of choice and meet the considerable challenges faced by the higher education sector.

As a result of our prudent financial management, continued investment, focus on continuous improvement and commitment to inclusion by design, we are an increasingly robust organisation, fit for the future. Our key priority, as always, will be to ensure that we continue to deliver high quality teaching and an excellent experience to our learners.

Maggie Galliers CBE Pro-Chancellor and Chair of Council

Welcome to the 2024-25 Financial Statements

from Professor Damien Page, Vice-Chancellor

I am delighted to present my first annual report and financial statements since becoming Vice-Chancellor of Buckinghamshire New University in February 2025.

When I began my career in education, my primary motivation was supporting students to transform their lives and that motivation has never changed, never wavered. The scale has changed, the level of responsibility has changed, but never the motivation. I’ve been greatly heartened over the last few months to hear first-hand how colleagues across the University - academics and professional services, front-facing and senior –share that sentiment and drive.

It's also been great to see so many colleagues participate in discussions and consultation sessions as we work together to deliver on the University’s three new strategic priorities: talent, students and research.

In my first week as Vice-Chancellor, I secured University Council’s approval to reduce BNU’s partner provision by 50% and remove our financial reliance on this activity. I have set out to the Department of Education and the Office for Students the steps we have taken to right previous mistakes, including a new University Collaborations Committee to oversee all partnership proposals which must now be approved by University Council.

We have since reviewed all partnership activity to ensure the relationships I inherited were right for BNU, and terminated contracts where that was not the case. There does however remain a place at BNU for smaller, high-quality partnerships and transnational collaborations with excellent opportunities in the pipeline.

Our proactive decision to become financially independent from franchise provision has inevitably impacted on the University’s top line income (down 3.8% to £184.9m), although our prudent approach to managing costs has resulted in a 15% increase in the cash we hold in the bank. Despite the ongoing financial challenges in higher education, including increased National Insurance and pension contributions, BNU has delivered a modest surplus of £0.1m at a group level in this financial year.

The actions we have taken to improve student outcomes are also bearing fruit with a continued improvement both in pass rates across all our provision (Foundation Year, undergraduate, postgraduate and apprenticeships), along with reduced withdrawals. That’s what we’re all here for at BNU, to ensure our students are supported in reaching their full potential and completing their studies with good honours.

We have a proud and trusted partnership with Bucks Students’ Union which is built on shared values and a joint commitment to creating the best possible experience and positive impact for learners at BNU. It's why we committed £2.6 million in 202425 to support their great work, an increase on the previous year. (£2.4 million in 2023-24.)

In July, we gathered for our graduation ceremonies to honour the journey each of our students had taken to reach that moment, as well as celebrate their academic achievement. Achievements they had truly earned, achievements that were fought for, achievements that were rarely easy and often hard won.

Buckinghamshire New University is no ordinary institution. We are a community built on creativity, resilience, and a bold spirit of innovation. We don’t just prepare students for the world— we encourage them to shape it.

At BNU, we believe that education should never be a privilege reserved for the few. It should be a right, an opportunity, a door that opens regardless of postcode, background or circumstance.

Many of our students have returned to education later in life, balancing studies with work, children, or caring responsibilities. Many have overcome personal, financial, or societal barriers just to sit in the graduation hall.

We implore our graduates to be proud not just of their degree, but of the journey they took to earn it. To be the voice that champions inclusion, that lifts others up, that opens doors for those still waiting outside. To be inspirational.

Our students and graduates are ambassadors of Buckinghamshire New University who will go out not to learn the ropes but to create new ropes. Not to accept but to challenge. Not to follow but to lead. To stay curious. To stay compassionate. To stay daring. And never stop learning.

In 2026, BNU will launch its new strategy to set out how we will punch above our weight, refuse to know our place, and challenge the status quo. To innovate, continually. To be bold. To do the things others say we cannot. To confound expectations. To be the upstart.

Our strategy will not gather dust on a shelf, and I’m excited for what lies ahead.

Professor Damien Page Vice-Chancellor and Chief Executive

BNU Highlights Report 2024-25

Buckinghamshire New University has had a successful and transformative year, building on the qualities that make the University a great place to work and study, while sharpening our focus on the challenges of an ever-evolving higher education landscape. Throughout, our students, research, and talent have been at the heart of everything we do. A summary of the year’s highlights can be found below.

Recognition in the rankings

In 2024 / 25, we made significant gains in national rankings, highlighted by an outstanding performance in the Whatuni Student Choice Awards 2025 - the UK’s leading awards based entirely on student choice. We were named University of the Year for Southeast England (17 th nationally) and ranked 1 st in the Southeast for our Students’ Union and facilities (6 th nationally). We also secured 2 nd in the Southeast for student support (8 th nationally), lecturers and teaching quality (9 th nationally), career prospects (19 th nationally), and student life.

The University also made a significant leap in the latest Guardian University Guide, rising an incredible 94 places in its “value-added” metric - and we ranked 19 th in the UK for how effectively we help students progress from their entry grades to strong degree results. BNU continues to be highly rated in key areas that directly impact the student experience, including assessment and feedback (4 th in the UK), satisfaction with teaching (7 th in the UK) and resources invested per student (6 th in the UK). Overall, we ranked 74 th in the league table out of 123 UK universities. And that marks the University’s sixth consecutive year in the top 80.

We significantly improved our score in Advance HE’s Postgraduate Taught Experience Survey 2025 – climbing to 90% overall satisfaction, up from 77% in 2024, and now above the sector benchmark of 86%. This places us in the top quarter of institutions in the UK (14 th), out of more than 100 institutions, up from 89 th in 2024. PTES is the only UK higher education sector-wide survey to gain insight from taught postgraduate students about their learning and teaching experience. BNU was in the top 20 (top-quarter UK-wide) in all but one theme and top 5 in three themes. We also performed strongly across two subject areas for overall satisfaction: Computing, 1 st in the UK (out of 67); and Business and Management, 4 th in the UK (out of 83).

In the Complete University Guide 2026, BNU again performed strongly in the Southeast, climbing to 12 th overall, 2 nd for both Student Satisfaction and Facilities Spend, and 5 th for Graduate Prospects on Track. BNU’s commitment to access and participation was demonstrated by being selected to collaborate in a national project with The Centre for Transforming Access and Student Outcomes in Higher Education (TASO). The purpose of the project was to further develop a whole-provider approach that reduces risks to equality of opportunity in higher education and to eliminate equality gaps for disadvantaged or underrepresented groups.

We rose six places to 79 th out of 149 institutions in the People and Planet University League Table for 2024 / 25 – an independent ranking of UK universities based on environmental and ethical performance. We scored an impressive 92% for education for sustainable development and 75% for environmental auditing and management systems. We also retained our Gold CSR Accreditation award in a national scheme which recognises sustainable and ethical businesses. It’s the third time the University has achieved the top award, having previously received it in 2019 and 2022. BNU was awarded the highest accreditation as “visible testimony of its excellence” in corporate social responsibility.

Achievements contributing to the submission included an award-winning package of support for our students during the cost-of-living crisis; community-focussed initiatives, including the inception of a social prescribing running club, and achieving zero landfill for our waste management system in 2024.

The University’s green credentials also contributed to being shortlisted in the Outstanding Estates Team category at the Times Higher Education Awards 2025. The team has delivered an extraordinary programme of transformation over 18 months, including the reopening of a refurbished Brunel Engine Shed and the regeneration of 40% of our High Wycombe Campus.

In recognition of BNU’s new inclusive recruitment strategy, we picked up our second nomination in the Times Higher Education Awards 2025, this time for Outstanding

Contribution to Equality, Diversity and Inclusion. The award reflects the success we’ve had in reimagining our recruitment practices to better reflect our values of fairness, inclusion and equity. Another initiative to help create an inclusive and equitable environment for all staff and students, was the creation of a new Equity Board to bring together internal colleagues and external experts to provide strategic insight and constructive challenge on equity-related matters. Meeting twice a year, from autumn 2025, the Board will serve as a sounding board for key issues and contributes to the development of BNU’s future Equity Action Plan.

Building

for the future

Two high-profile estate developments took place in 202425 with the formal launch of the University’s School of Engineering and the Built Environment, in celebration of National Engineering Day. Held at the recently renovated High Wycombe campus, the launch brought together industry experts, academics, professionals from the field of engineering and the built environment, and prospective students from Langley College. New facilities include an electronic lab room, host to analogue and digital electronic components and microprocessor boards, as well as an automation room with electropneumatic equipment, programmable logic controllers and a smart factory with modular production systems.

And we also opened a new virtual production studio that equips students with in-demand skills aligned with the evolving needs of the media and entertainment industries. Central to the facility is a high-resolution LED wall, supported by a suite of advanced production tools that deliver a professional-grade virtual production environment. The new facility provides a seamless and immersive workflow that mirrors modern film and broadcast studios, giving our students access to techniques used in industry. The facility is already in regular use, and film, TV, animation and visual effects students took part in practical sessions just days after completion.

Finally, we developed a new Student Futures Manifesto, our co-created commitment with students to ensure every learner thrives academically, socially, and beyond BNU. The manifesto sets out six core pledges covering the entire student journey – from pre-arrival support and an inclusive start, through personalised learning and wellbeing provision, to leadership opportunities and strong career pathways beyond graduation.

In December 2024, the Office for Students approved BNU's submission for the new 2025-26 to 2028-29 Access and Participation Plan which sets out our provisions to improve equality of opportunity for students from disadvantaged backgrounds to access, succeed in, and progress from higher education.

Celebrating success in the BNU community

Peak performance

The University’s Human Performance Lab (HPL) continued to be a central hub for local and regional athletes in 202425, offering access to advanced facilities, expert staff and student support. Based at our High Wycombe campus, the HPL assesses physiological, biomechanical, and psychological performance, providing athletes with insights to optimise training.

In 2024, Absolute Radio hosts Andy Bush and Richie Firth trained at the HPL for their Cash for Kids charity ride, supported by HPL Director Dr Mark Homer and Graduate Teaching Assistant Callum Mapley. Dr Homer was also on hand to support pre-race training for Amersham athlete Ali Young, who became the fastest ever British woman to run the gruelling 135-mile Badwater Ultramarathon through Death Valley. With a debut time of 28 hours and 56 minutes, Ali crossed the finish line as the third fastest woman overall, raising £5,408 for Maggie’s hospice charity.

And in other sporting success, BNU retained the Roebuck Trophy at Varsity 2025 for the second year running, narrowly defeating Roehampton 7.5-6.5 . Key victories came in the women’s hockey, men’s hockey, women’s football, men’s football and men’s volleyball.

Student achievement

It was a night to remember at the UK Music Awards 2025 in Liverpool, as two outstanding graduates, Ola Kowalska and George Tolmie, were recognised as finalists in the prestigious Outstanding MAP Graduate Awards. George, a BSc (Hons) Music Technology graduate, picked up the Special Mention award. He is currently making his mark in the post-hardcore scene with his band Gender Crisis, where he combines his music career with active campaigning for Trans rights. Ola, who graduated in 2021 with a BA (Hons) Music Business, has carved a successful career as a digital marketer at Deviate Digital, where she supports independent artists and crafts impactful marketing strategies.

A BNU student-founded start-up was shortlisted in Universities UK’s Universities Start Up the UK campaign, which highlights the impact of university-led ventures. Founded by third-year Accounting and Finance student Peter Ashiagbor, Management Fest is building a platform and community to turn research and ideas from educational institutions into realworld value through spinouts. By collaborating with students, the initiative promotes knowledge transfer and innovation via conferences and workshops.

Applied Forensic Psychology Master’s student David Breakspear received the Freedom of the City of London for his work with the National Suicide Prevention Alliance and Rethink Mental Illness. David received the honour, which recognises exceptional contributions to society, public service, and community engagement, for his significant work supporting the Suicide Prevention Funding Programme. As a member of the Lived Experience Advisory Group, David has helped shape the development and delivery of this critical programme by sharing his personal experiences, challenging stigma and advocating for individuals affected by suicide.

Midwifery apprentice, Lily Graham, was awarded Student Midwife of the Year by Buckinghamshire Healthcare NHS Trust. The prestigious certificate was presented as part of International Day of the Midwife celebrations, and recognised Lily's outstanding dedication, compassion, and professionalism during her first year of training.

Graduate Teaching Associate in Law, Nasifa Ahmadi, was appointed to the Board of Directors of Her Voice International, an organisation that promotes justice, rights and dignity for women. Nasifa regularly visits Parliament and the House of Lords to contribute to discussions about the status of girls’ education and restrictions on women’s rights in Afghanistan and Ukraine, amongst other countries. Last year, Nasifa spoke as a panelist at the 68 th session of the UN Commission on the Status of Women in New York.

Inspirational initiatives

Earlier this year, parents and carers were welcomed to the University to attend a unique event aimed at developing children’s speech through play. In partnership with Buckinghamshire Healthcare NHS Trust and Buckinghamshire Health and Social Care Academy, the event combined expert insights with interactive play, encouraging parents and carers to practice what they had learned first-hand.

Filming began at BNU for a new oral history documentary that shines a light on one of the RAF’s most celebrated institutions, its apprentice training programme at RAF Halton, just outside Wendover. The film, entitled Lord Trenchard’s Brats, sets out to capture the spirit, discipline, and enduring legacy of the young men who trained at Halton under the pioneering leadership of Lord Hugh Trenchard, widely regarded as the founding father of the Royal Air Force. The project is being led by Associate Professor in Film, Tom McGorrian who has also helped give students hands-on production experience.

And BNU proudly became a local hub for Tranzfuser 2025, a government-funded talent development programme aimed at recent graduates and final-year students aspiring to launch their own indie game development studios. The programme gives students regular guidance and mentorship to create a fully playable game prototype, which they will pitch to a panel in autumn 2025 for a chance to develop their games commercially.

Research in the spotlight

Professor Jermaine Ravalier was awarded a research grant from the National Institute for Health and Care (NIHR) alongside three other prominent academics to help support the retention and recruitment of social workers in coastal communities. The £500,000 award will fund a project that brings together the shared expertise of social workers, employers, service users, and community groups to understand the challenges and opportunities in this area.

BNU has also been selected as a lead partner in the newly launched Southeastern cluster of the British Academy Early Career Researchers Network (ECRN). The ECRN is a national initiative designed to support Early Career Researchers (ECRs) working in SHAPE disciplines – Social Sciences, Humanities, and the Arts for People and the Economy – as well as adjacent fields. The network offers a wide range of benefits, including exclusive access to seed funding and career development grants; participation in research development events and training across the UK; mentorship and meaningful networking opportunities; and direct advice and guidance from key funders.

The initiative will work in close collaboration with Plexus+, BNU’s Inclusive Researchers' Development Network, further strengthening the university’s commitment to cultivating a vibrant and inclusive research culture.

League table highlights

Broke into the top 100 (97 th) with second successive annual rise

Strong performance in:

+ Graduate Prospects on Track (up 60 places to 44 th)

+ Staff / Student ratios (up 28 places to 49 th)

+ 2 nd for Student Satisfaction in the South East

Top 20 for student satisfaction by subject

+ Business Management – 2nd

+ Marketing – 2 nd

+ Paramedic Science – 2 nd

+ Social Work – 3 rd

+ Counselling, Psychotherapy and Occupational Therapy –4 th

+ Nursing and Midwifery –14 th

+ Computer Science – 18 th

+ Sports Science – 20 th

Placed 73 rd in the UK –our sixth consecutive year in the top 80

+ Climbed 94 places in the guide’s value-added measure – ranked 19 th in the UK for how effectively we support student progress from enrolment to graduation

+ 4 th in the UK for assessment and feedback

+ 7 th in the UK for teaching quality

+ 6 th in the UK for resources invested per student

Climbed two places to 8 th in the UK for teaching quality

+ Risen 31 places to 15 th in the UK for student experience

+ 2 nd in the UK for social inclusion (continuation gap for students from deprived areas)

+ 3 rd in the UK for our Black awarding gap

University of the Year for South East England

Short listed for:

+ Lecturers and Teaching Quality

+ Students' Union

+ Student Support

We’re proud to be a Real Living Wage Employer , with the Students’ Union providing paid work opportunities worth more than £283,000 to BNU students last year.

Our Big Deal initiative continued to give students free access to sports, societies, events and wellbeing activities - saving each student £150–£250 every month

Supporting our students –in the numbers

We’re committed to making student life affordable, rewarding and full of opportunity. Here’s how we made a difference in 2024 / 25

Our free meal programme , run by the Students’ Union, ensured no student went hungry — providing more than 9,000 hot meals across the year.

Students raised more than £16,000 through RAG (Raising and Giving) for charities close to their hearts - and collectively gave back more than 16,000 hours through volunteering

We’ve kept accommodation fee increases below inflation , ensuring our halls remain some of the most affordable in the sector. We invested £812,549 in scholarships and bursaries to support opportunity and excellence - and allocated an additional £208,550 through the Hardship and Emergency Funds to help students in need.

Strategic Objectives: Our Performance

BNU continued to make strong progress in delivering the objectives set out under Thrive 2028, consolidating gains in student outcomes, research performance, and staff engagement. Key indicators show sustained strength in student satisfaction and teaching quality, improvement in continuation and progression rates, and steady growth in external research income. Office for Students’ data confirms further progress across all B3 indicators, including a 13% year-on-year increase in continuation rates.

Financially, the University remains in a sound and sustainable position, with a reduced but continued surplus position, stable liquidity, and sustained cash-generative capacity. Building on this momentum, BNU has further refined its focus through the introduction in February 2025 of a Five Priority Plan which sharpens institutional delivery around five interconnected priorities:

1. Developing a student-focused, financially coherent estate

BNU remains among the UK’s leading institutions for student experience. Student continuation and attainment have both improved compared with the previous year, reflecting the impact of targeted academic interventions and close partnership working with Bucks Students’ Union. During 2024–25, the University maintained its commitment to affordability and inclusion, sustaining low accommodation costs, expanding bursary and hardship schemes, and enhancing cost-of-living support. The pilot of a two-day timetable was progressed to improve accessibility and student work–life balance, alongside the development of a Digital Campus Roadmap, which will underpin a more connected and flexible learning environment.

2. Creating a research-rich environment

Creating a research-rich environment

The University has also strengthened its research foundations through the introduction of institutional research income targets, enhanced data monitoring, and new collaborative initiatives designed to increase enterprise engagement. Preparatory work for the Research Strategy 2026 has established a clear focus on expanding research culture and capability across all disciplines, ensuring that knowledge generated at BNU continues to inform teaching, innovation, and societal impact.

3. Maximising talent density

BNU continued to invest in staff development, wellbeing, and leadership capability. Work during 2024–25 focused on strengthening workforce planning, enhancing management development, and embedding equality, diversity, and inclusion across the institution.

4. Restructuring to create efficiency, focus, and pace

Restructuring, including the move from nine academic Schools to three Colleges, has improved efficiency and clarity of focus.management development, and embedding equality, diversity, and inclusion across the institution.

5. Planning for financial independence

Financial Independence - including expansion of international engagement, growth in flexible learning models, and improved utilisation of the estate has enhanced financial resilience and reinforced the University’s capacity to reinvest in people and mission. management development, and embedding equality, diversity, and inclusion across the institution.

Performance across 2024–25 demonstrates continued delivery against institutional KPIs and steady progress towards long-term strategic goals.

Annual Impact Report

BNU has always been more than a place of learning. For more than 130 years, we’ve been part of the social, cultural, and economic fabric of Buckinghamshire.

Education, research and enterprise are powerful only when they’re connected to the lives of the communities around us. We commit to improving health and wellbeing, advancing social inclusion, driving economic prosperity and promoting environmental sustainability – all while ensuring that our students and people are empowered to contribute positively to society.

We are a responsible civic university, working to ensure that every part of our university community contributes to the public benefit, so that our success is measured not only in academic terms, but in the difference we make to people’s lives.

Our key priorities are:

• Better health and wellbeing – reducing health inequalities, strengthening community health systems and creating safe spaces for wellbeing.

• Advancing social inclusion – ensuring that everyone can participate fully in higher education and civic life, regardless of background.

• Economic prosperity – driving regeneration and enterprise support, and developing graduate skills that strengthen the local economy.

• Environmental sustainability – embedding biodiversity, climate responsibility and sustainable practice in everything we do.

To deliver these priorities, we have identified eight mechanisms for engagement:

MECHANISMS

Adopting High Wycombe Station

In April 2025, we partnered with Chiltern Railways and environmental charity Chiltern Rangers to launch a yearlong improvement project at High Wycombe train station, enhancing its heritage, biodiversity, and community spaces.

As part of the project, our art and design students created 20 artworks reflecting the town’s heritage and culture, now displayed on the station’s overbridge. Designs include High Wycombe’s High Street, the iconic swan, chairmaking heritage, the Dashwood Mausoleum, and the station itself.

Chiltern Rangers improved the surrounding green spaces, coordinating more than 100 local volunteers to revitalise the area around the station and the Brunel Engine Shed, which reopened in May 2025 following the University’s restoration of the Victorian structure.

Disability-led arts organisation Shape Arts brought its landmark exhibition Crip Arte Spazio: The Disability Arts Movement in Venice to High Wycombe, celebrating the disability arts movement. Local artists were also commissioned to create innovative works highlighting the town’s chairmaking heritage and wildlife, including a central oak signpost directing visitors to local venues.

The initiative formed a new group of station adopters and was funded by Chiltern Railways’ Community Investment Fund which supports community-led improvements in local areas.

Wellness Warriors on the Run

As part of our wellbeing outreach, BNU supported the Wellness Warriors initiative, which combined community fitness with fundraising and awareness campaigns. Staff, students, and residents took part in running challenges that promoted physical and mental health, raising funds for local charities and engaging wide sections of the community.

The programme has proven to be a transformative initiative, offering a holistic and sustainable approach to recovery through physical activity, community engagement, and structured support. By integrating exercise with social prescribing, the programme has not only empowered individuals in their recovery journeys but also fostered a strong sense of belonging and purpose. The consistent attendance, powerful testimonials, and measurable improvements in mental and physical health underscore its effectiveness.

Importantly, the programme has delivered significant value to local services. By reducing the burden on traditional healthcare and addiction support systems, it has contributed to early intervention, relapse prevention, and improved longterm outcomes. Referrals to and collaborations with local organisations – such as One Recovery Bucks, the YMCA, and BNU’s own clinics – have strengthened community networks and created a more integrated support system.

Partnership with Missenden Walled Garden charity

Since 2017, Missenden Walled Garden (MWG) has operated within Missenden Abbey under a peppercorn rent tenancy provided by BNU. MWG delivers Social Therapeutic Horticulture for adults with learning disabilities and differences - its ‘Members’ - through inclusive, nature-based activities that promote wellbeing and community connection.

The University has funded MWG’s grounds maintenance contract for six years, enabling Members to contribute to the Abbey’s upkeep while supporting therapeutic and environmental outcomes.

During 2024-25, the partnership expanded to include:

• Student Engagement: Social care placements, group volunteering, and a promotional film with BNU students.

• Sustainability: Participation in BNU’s Sustainability Conference and biodiversity projects, including a new glasshouse.

• Funding: A £57,500 grant via the HS2 Community and Environment Fund supported infrastructure and inclusive programming.

Kyle Bank, Charity Director of MWG describes our joint working: “Our partnership with BNU has been a very special one. We’ve felt heard, supported, and encouraged throughout.”

Educational outreach

Over the past year, our recruitment and outreach team has continued its targeted, collaborative, and tailored work in the local communities in which our campuses are based. The University has focused on gaining a deep understanding of learners in primary, secondary, and further education, as well as community groups, with the aim of helping young people reimagine higher education and envision their place within it.

Activities have included subject tasters delivered both on and off-site with academics, sharing research, and leading teacher CPD sessions. The team has also supported higher education fairs, student life, wellbeing, transition, and SEND workshops, and events promoting BNU and nurturing talent, often providing free transport and refreshments to ensure accessibility.

We have partnered with organisations such as the NHS, Thames Valley Police, NEON, HEAT, ASPIRE, the Virtual School, Study Higher, the Become charity for care-experienced students, the Service Children’s Progression Alliance, and groups supporting students not in education or employment. Engagement with these initiatives has contributed to yearon-year increases in application and enrolment rates for participating students.

Key insights from our outreach work in 2024-25:

- Engaged with 11,992 students

- Ran 357 activities across 1161 schools and colleges

- 29% of the students we supported receive Free School Meals

- 27% lived in areas of the UK where low numbers of young people participate in higher education

- 35% of students experienced multiple deprivation including education, skills and income)

Volunteering and Community Engagement

In 2024-25, the scale of our University community’s volunteering impact on local communities was clearer than ever, with staff and students recording more than 17,000 hours of service.

Staff benefited from a reinvigorated volunteering scheme offering two days of paid leave annually, enabling contributions to charities and organisations such as Hairoun Day Centre, Stokenchurch Dog Rescue, Hughenden Manor, Wycombe Abbey School, and All Saints’ Church. Students also played a vital role, volunteering thousands of hours with organisations including the One Can Trust, Heart and Soul Hub, Wycombe Mind, and Healthwatch Bucks.

Other people’s volunteering activities ranged from hands-on support - such as redecorating youth clubs or assisting local food drives - to skills-based contributions, including social media, administrative and marketing support, and providing advice for EDI training initiatives.

Our students have been volunteering their time, fundraising, running sports and societies and engaging in their community supporting local food banks, Chiltern Rangers and Stokenchurch Dog Rescue to name a few. Students also collaborated across a range of courses to make dolls for children in Epsom and St Helier hospitals.

Students took to fundraising running events and activities for all members to get involved in - from running sporting events to a pie in the face challenge – to raise more than £8,000 for Wycombe Mind.

Knowledge exchange with society

In 2024-25, we hosted a series of conferences and events that showcased BNU’s expertise while fostering collaboration, seeding new projects and addressing real-world social and environmental challenges.

The University’s first drug and alcohol conference, organised with the Oasis Partnership and attracted students, public health professionals, social care teams, NHS representatives, community organisations, researchers, and local residents. Delegates explored evidence-based approaches to treatment and harm reduction, integrating prevention strategies into schools and workplaces, and aligning community interventions with healthcare provision. Participants described the event as a vital opportunity for cross-sector learning and building stronger networks tackling addiction across Buckinghamshire and beyond.

In October, BNU held an Inclusive Leadership in Education conference in partnership with Sir Henry Floyd School, Aylesbury. The event brought together educators, headteachers, diversity champions and academics to explore embedding inclusion into leadership practice. Case studies highlighted inclusive curriculum design, community-reflective recruitment practices and strategies to support disadvantaged students. Attendees left with practical tools and renewed motivation to advance equity and diversity in their institutions.

We also convened an inspirational prison reform conference with the Prison Reform Trust, attracting policymakers, probation services, educators, prison officers, third-sector organisations and people with lived experience of the justice system. Sessions focused on relational practice in rehabilitation, trauma-informed staff training, and supporting neurodiverse individuals in custody and post-release. The lived experience of speakers enriched discussions, and the conference directly informed co-produced research with local probation services, translating dialogue into tangible outcomes.

And BNU’s annual research and enterprise conference welcomed more than 120 attendees from academia, local business, and the civic sector. Hosted in the University’s Atrium, the event showcased staff and student research in healthcare, sustainability, design, and social policy. Keynotes highlighted universities as engines of local growth, while workshops explored translating research into practical impact through enterprise and knowledge exchange. The conference reinforced BNU’s role as a bridge between research excellence and regional economic vitality.

Extending our civic reach

The Oasis Partnership collaborated with BNU through a two-year Knowledge Transfer Partnership (KTP), funded by Innovate UK, to develop sustainable income streams and reduce reliance on short-term grants. A recent graduate embedded as the KTP Associate led commercial development, business innovation, and the creation of new revenue models.

Academic support enabled Oasis to develop service models, improve pricing, conduct competitor analysis, and strengthen financial planning, branding, and marketing.

Key outcomes included agile management training for staff, the launch of business engagement initiatives such as a social-enterprise café model, campaigns with local businesses (including workplace alcohol awareness during Dry January), and fully funded academic–charity events.

BNU’s sports department contributed to a record-breaking charity effort when a team of rowers, including anesthetist Gihan Ganesh, achieved a Guinness World Record of one million miles rowed in 59 hours for the Momentum in Fitness charity, raising £169,000 for the Piam Brown children’s cancer unit at Southampton General Hospital. BNU staff and students supported the initiative by collecting physiological data for research, monitoring heart rate and blood lactate levels, and providing sports therapy and massage support for the exhausted participants throughout the challenge.

We also worked in partnership with Wycombe Wanderers Football Club to support local families and community wellbeing at Christmas. Responding to an urgent appeal from the Chiltern Toy Bank charity, we coordinated the collection and distribution of toys and opened a ‘pop up shop’ at our High Wycombe campus to ensure parents facing financial struggles could choose gifts for their children.

Global engagement

In 2024-25, BNU extended its civic mission globally, including signing a memorandum of understanding with Sri Lanka’s National Ambulance Service, Suwa Seriya, strengthening prehospital emergency care. The partnership builds on previous training visits where BNU teams delivered refresher courses to nearly 200 Emergency Medical Technicians per trip, donated equipment, and developed clinical protocols. The arrangement formalises collaboration on education, instructor development, quality assurance and research.

Our College of Leadership and Innovation and Wycombe for Fairtrade have strengthened their partnership in various ways in the past year with the latter being invited to deliver lectures to a student assignment project on devising a sustainable business marketing plan for the World Fairtrade Organisation. This has aided growing relations between the University, WFTO, and Strathmore University Business School, with a view to a closer educational working partnership from autumn 2025.

BNU’s Tactical Athlete Performance Centre aims to enhance the education, health, and occupational performance of those who work in extreme and high-pressure environments through the fusion of educational innovation, pragmatic applied research, and the development of mutually beneficial partnerships. Key to this has been the development of collaborative arrangements with both national and international partners. This includes, but is not limited to, the Royal Army Physical Training Corps, Defence Science and Technology Laboratories, US Army Research Institute of Environmental Medicine, West Point Military Academy, The Occupational Performance Research Group at the University of Chichester, and the Tactical Research Unit at Bond University, Australia.

Strategic Risk

During 2024–25, the University continued to embed a proactive and structured approach to the management of strategic risk in support of the University Strategy. The year comprised two phases: completion of the final review cycles under the previous framework (November 2024 to February 2025) and the transition to a new institutional Risk Management Framework (February 2025 to July 2025), as approved by University Council.

Across the four strategic pillars set out in the University’s Thrive 28 Strategy, the key institutional risks under the legacy framework continued to centre on curriculum delivery, student recruitment, financial resilience, and partnership management:

• Support Students to Succeed

• Deliver Knowledge and Skills

• Become a Fit and Agile Organisation

• Support Our Places and Partners

During the 2024–25 period, oversight of the University’s strategic risks spanned two leadership phases. Under the previous Vice-Chancellor, the University completed the November 2024 risk review cycle, during which the overall risk profile remained stable, with some areas showing early signs of improvement.

Following the appointment of Professor Damien Page as Vice-Chancellor, the University implemented a new Risk Management Framework, designed to strengthen governance structures, clarify risk ownership, and embed quarterly strategic risk reviews within the institutional calendar. This evolution marked a significant enhancement in the University’s approach to risk oversight and assurance.

The C23 curriculum adoption risk reduced significantly following successful implementation planning and stronger curriculum governance. Student recruitment risks remained the most material, with international markets showing early recovery while domestic recruitment stayed above appetite amid sector-wide competition. Financial, cyber security, and data management risks remained stable, with planned technology and infrastructure investments expected to strengthen resilience. Risks linked to partner practices, student accommodation capacity, and student wellbeing continued to require close oversight due to their potential regulatory and reputational impact

First half of year

Pillar 1: Support students to succeed

Adoption of new curriculum – manage risk of disruption to learning and student experiences. (introduced September 2023, closed February 2025).

Pillar 2: Deliver knowledge and skills

International students – manage risks to recruitment of qualifying students (introduced September 2023)

Apprenticeships – manage risks to growth (introduced November 2024).

Domestic recruitment – manage risk of shortfalls versus targets for growth (introduced June 2024).

Pillar 3: Become a fit and agile organisation

Financial prospects – manage risk that confidence impacts strategic investments (introduced September 2023).

Cyber security – manage risk of cyber-attacks disrupting operations (introduced September 2023)

Data management – manage risk that operations are impeded by data systems and processes (introduced September 2023).

Pillar 4: Support our places and partners

Franchise partners – manage risks to the University’s reputation (introduced September 2023).

Student accommodation – manage risk that availability cannot keep pace with growth (introduced September 2023).

The strategic risks identified under the new framework are:

Second half of year

Since the appointment and leadership of Professor Damien Page as Vice-Chancellor, the University has implemented a new Risk Management Framework to strengthen governance, assurance, and institutional oversight. The new framework established a clearer governance structure and risk taxonomy, introducing four distinct categories - Strategic, Operational, Project, and Specialist, with defined ownership, escalation routes, and review frequencies.

This step change was designed to strengthen accountability, reduce duplication across risk registers, and align local and institutional risk oversight. The new framework and accompanying policy were ratified by the University Strategy Group and Audit Committee, reflecting the University’s commitment to continuous improvement in governance and assurance.

Under the new framework, the risk areas have evolved into broader institutional themes covering financial sustainability and student recruitment, regulatory and compliance, reputation and brand, and infrastructure and business continuity. Quarterly reviews of strategic risks are now embedded within the University’s governance calendar, ensuring that risk intelligence directly informs planning, decision-making, and performance monitoring.

Financial Sustainability and Student Recruitment

Failure to gain financial independence from partners

Regulatory and Compliance

Breach of OfS regulations from gaps in policies, governance, processes, and failure to adapt to regulatory changes.

Reputation and Brand

Reputational damage from failure to manage risks associated with external collaborations and affiliations

Infrastructure and Business Continuity

Failure to ensure business continuity and resilient infrastructure

Statement of Corporate Governance

The following statement is provided to enable readers of the financial statements of Buckinghamshire New University to gain a better understanding of the governance and legal structure of the University and covers the period 1 August 2024 to 31 July 2025.

Buckinghamshire New University is an independent corporation, established as a Higher Education Corporation under the provisions of the Education Reform Act 1988 and the Further and Higher Education Act 1992. It is an exempt charity as defined under the Charities Act 2011.

The University conducts its business in accordance with the OfS public interest governance principles, the seven principles identified by the Committee on Standards in Public Life (the Nolan Principles) and with the guidance to institutions of higher education provided by the Committee of University Chairs (CUC). The University’s Council is satisfied that it is aligned to the HE Code of Governance published by CUC in December 2014, revised June 2018 and September 2020, and that the University adheres to the OfS Ongoing Conditions of Registration. In May 2022, the OfS informed the University that they would be undertaking a quality assessment of the University’s business and management provision.The report was published in January 2023. The University was informed in August 2025 that the OfS had determined there had been a breach of Condition B2 between October 2022 and May 2023, but in acknowledgement of the significant changes made by the University in relation to the concerns set out in the assessment report would take no further regulatory action.

The University’s objects, powers and framework of governance are set out in the Instrument and Articles of Government. The Articles require the University to constitute a University Council and an Academic Board, each with clearly defined functions and responsibilities, to oversee and manage its activities.

Our governance

These committees are composed of independent and external co-opted members of the University’s Council. The decisions of all these committees are reported formally to the Council. The University’s Council conducts regular effectiveness reviews of itself and its committees. These reviews include an analysis of attendance, work undertaken and the views of members so that changes can be introduced as appropriate during the next cycle.

As Chief Executive, the Vice-Chancellor leads the development of the University strategy, the identification and planning of new developments and the shaping of the University ethos. Members of the new University Strategy Group established by Professor Damien Page following his appointment on 1 February as Vice-Chancellor including the Pro Vice-Chancellor (Academic), Pro Vice-Chancellor (Pedagogy and Practice), Pro Vice-Chancellor (External Collaborations), Chief Impact Officer, Chief People Officer, Chief Finance Officer, Chief Information Officer, Registrar and Director of Strategy, Transformation and Futures all contribute in various ways to this aspect of the work. However, the ultimate responsibility to the Council rests with the Vice-Chancellor. In accordance with the Articles of Government of the University, the Clerk to the Council and Head of Governance and Compliance has been designated Secretary to the University’s Council and in that capacity provides independent advice on matters of governance to all Council members.

University Council

The University’s Council comprises independent and University members appointed under the Instrument and Articles of Government of the University, the majority of whom are non-executive. The roles of Chair and Deputy Chair of the Council are separated from the role of the University's ViceChancellor. Council had four members of University staff on its membership through the 2024-25 year: one academic member, two Senate members and one professional services member. In July 2025, Council approved a written resolution to amend its Instrument and Articles of Government to make the following amendments to its membership:

• Addition of a second professional services staff member

• Reduction of number of Senate members from two to one

• Removal of the need for the Privy Council to amend the governing documents, following advice from the University’s solicitors and agreement from the Privy Council’s adviser in the Department for Education that the Privy Council no longer has any statutory jurisdiction in the amendment of governing documents for post-92 Higher Education Corporations in England.

Council will continue to have four members of staff on its membership but agreed, following discussions with all staff, that having equal numbers of academic and professional services membership better enabled it to uphold the eighth public interest governance principle as it ensures a better reflection of BNU’s balance of academic and professional services staff.

These changes will take effect from 1 August 2025.

The matters specially reserved to the Council for decision are set out in the Articles of the University, by custom and under the Terms and Conditions of funding for higher education institutions with the OfS. The Council identifies that it has primary responsibilities that it reserves to itself for:

- the ongoing strategic direction of the University;

- the determination of the educational character and mission of the University;

- the approval of the annual estimates of income and expenditure;

- the approval of major developments and;

- the receipt of regular reports from Executive Officers on the day-to-day operations of its business and its subsidiary companies.

The Council also has responsibility for

- The effective and efficient use of resources, the solvency of the University and the Corporation and for safeguarding their assets;

- The employment of those designated by the Council as Senior Employees and their appointment, grading, assignment, appraisal, suspension, dismissal and determination of their pay and conditions of service;

- Setting the framework for the employment, including pay and conditions, of all other employees and contractors;

- Corporate policies, regulations and procedures to assure the effective governance of the University and to meet statutory and other legal obligations, including an anti- fraud and anti-corruption policy.

The Council met seven times during the year and had several Committees reporting to it, including a Resources Committee, a Vice-Chancellor Remuneration Committee, a Staff Reward Committee, a Governance Committee, a Student Experience Committee and an Audit Committee. All these Committees are formally constituted with terms of reference and comprise of independent members of Council, one of whom acts in the role of Committee Chair.

Senate (Academic Board)

Subject to the overall responsibility of the University’s Council, the Senate has oversight of the academic affairs of the University and draws its membership entirely from the staff and students at the University. It is particularly concerned

with issues relating to the teaching and research work of the University. Senate is chaired by the Vice-Chancellor in his capacity as Head of the Institution.

Resources Committee

The Resources Committee recommends to Council the University’s annual revenue and capital budgets, and monitors performance in relation to these approved budgets and key performance indicators. The committee usually meets four times during each academic year.

Governance Committee

The Governance Committee considers and is responsible for the effective operation of the University’s Council in accordance with the CUC HE Governance Code of Practice including the nomination, appointment, and induction of new members to ensure an appropriate mix of skills and expertise.

Vice-Chancellor Remuneration Committee

The Vice-Chancellor Remuneration Committee reviews the performance of and determines the remuneration of the ViceChancellor and is responsible for approving the Staff Note for publication in the annual Financial Statements and the University’s website. The constitution of this Committee does not include the Vice-Chancellor as a member.

Staff Reward Committee

The Staff Reward Committee determines the remuneration of the senior employees, excluding the Vice-Chancellor, and is responsible for approving the University’s Annual Remuneration Report and Statement.

Student Experience Committee

The Student Experience Committee is responsible for monitoring key performance measures in relation to the student experience including the contribution of the Students’ Union.

Audit Committee

The Audit Committee meets quarterly, and independent members may meet privately with the internal and external auditors to discuss audit findings. It considers the detailed internal audit report findings prepared by BNU’s internal audit service; monitors adherence with regulatory requirements; and oversees the institutional risk register, prepared by the University from local risk registers, for presentation and consideration by the Audit Committee. The committee also reviews the annual financial statements and accounting policies; the system and processes for the preparation and submission of statutory returns to the OfS and the Higher Education Statistics Agency (HESA); and the effectiveness of the systems of internal controls. The committee receives and recommends an annual report on risk to the full Council.

Statement of Internal Control

The University’s Council acknowledges its responsibility for ensuring that an effective system of internal financial control is maintained and operated by Buckinghamshire New University and the University’s Council confirms it has reviewed the effectiveness of these arrangements.

The system of internal financial control is based on a framework of regular management information, administrative procedures including the segregation of duties and a system of delegation and accountability. The following processes are established to review the adequacy and effectiveness of the University’s system of internal control:

- The University maintains a Council-approved set of frameworks and policies, including Financial Regulations, which are underpinned by linked policies, such as the Expenses Policy, and procedures in relation to procurement.

- KCG provides internal audit services for the University. KCG provides an annual opinion on the adequately designed and effective arrangements for risk management, control, and governance, and for economy, efficiency and effectiveness across the University, in accordance with the CUC Higher Education Audit Committees Code of Practice. KCG’s audit opinion for the year ended 31 July 2025 is: ‘at the time of reporting, we provide Limited Assurance that the University maintained adequately designed and effective arrangements for risk management, control and governance, and for economy, efficiency and effectiveness. This opinion reflects significant concerns identified during the year, particularly in the governance and oversight of academic partnerships, which pose risks to regulatory compliance, financial sustainability, and institutional reputation. The audit of Partnerships received No assurance and raised 12 priority one recommendations, revealing systemic weaknesses in due diligence, enrolment, and academic oversight. Our audit of international student admissions received limited assurance and raised concerns around lack of governance and oversight of UKVI compliance, lack of scrutiny over work placement attendance and the University’s current attendance and monitoring procedure being unable to track multiple nonsequential absences. Other audits highlighted gaps in student retention strategy, digital infrastructure, and data systems, which collectively limit the University's ability to manage risk and deliver value for money. While improvement initiatives are underway, they were not fully embedded at the time of reporting. Recommendations for all six audit reports issued were accepted by management.’ The University is fully committed to strengthening all areas identified as needing improvement following the internal audits completed in 2024-25 and its risk management, control and governance. It has revised its risk management framework and Risk Policy to recategorise risks into strategic, operational, project or specialist, each with a dedicated risk register, that will ensure risks are appropriately owned, managed and escalated within its governance structures. It accepted all recommendations made in the Partnerships audit report and has commenced

implementation of these in 2024-25, including completely revising its due diligence process for new partners and adding an independent member and student member to the University Collaborations Committee to monitor the University’s partnership activities and to ensure objective scrutiny of partnership decisions and that the student experience is at the centre of decision making. The University’s Audit Committee now reviews the Partnerships Risk Register at each of its quarterly meetings and Council now approves any new partnerships.

- The Audit Committee receives regular reports from the internal audit service, including its independent opinion on the adequacy and effectiveness of the University’s system of internal control, together with recommendations for improvement.

- Council receives regular reports from the Audit Committee on internal control and the business of the Committee.

- There is a comprehensive budgeting system with an annual and five-year budget which is reviewed and agreed by Council.

The key elements of the University’s system of internal control, which is designed to support the Council in carrying out its responsibilities, include:

- Clear definitions of the responsibilities of, and the authority delegated to, senior officers of the University.

- A comprehensive annual planning process, supplemented by detailed annual income, expenditure, capital, and cash flow budgets.

- A regular review of institutional performance and of financial results, involving variance reporting and updates of forecast out-turns.

- Clearly defined and formalised requirements for approval and control of expenditure.

- Procedures for the management of investment and risk.

- A professional internal audit service delivered under terms of reference which reflect guidance issued by the CUC, and whose annual programme is approved by the Audit Committee.

The University's Council has established the processes for the identification, evaluation, and management of risks that the University faces.

The University’s Council has responsibility for maintaining a sound system of internal control that supports the achievement of policies, aims and objectives, while safeguarding the public and other funds and assets for which it is responsible.

This is in accordance with the responsibilities assigned to the governing body in the Instrument and Articles of Government and the Terms and Conditions of funding for higher education institutions with the OfS.

The system of internal control is designed to manage rather than eliminate the risk of failure to achieve policies, aims and objectives. It can therefore only provide reasonable and not absolute assurance of effectiveness.

The system of internal control is based on an ongoing process designed to identify the principal risks to the achievement of policies, aims and objectives, to evaluate the nature and extent of those risks and to manage them efficiently, effectively, and economically.

More specifically:

- The Audit Committee provides an oversight of risk management.

- Regular meetings between senior managers and service leaders to review progress and issues arising from operational activities, and similar meetings with Heads of School in relation to academic developments.

- Oversight by Resources Committee of matters relating to resource allocation, forward planning, effectiveness, and value for money.

- The University’s Council receives periodic reports from the Chair of the Audit Committee concerning internal control and requires regular reports from managers on the steps they are taking to manage risks in their areas of responsibility, including progress reports on key projects.

- A robust risk prioritisation methodology based on risk ranking and cost-benefit analysis has been established and an organisation wide risk register is maintained.

- Clear definitions of the responsibilities of, and the authority delegated to, senior officers of the University.

- Six internal audits, four of which provided satisfactory assurance. Following the events that led to the University terminating its partnership with Oxford Business College, the new executive team requested an audit in relation to the University’s historical processes around its subcontractual arrangements; the outcome of the audit provided no assurance. The University has accepted all the recommendations and has taken action to address the issues identified including strengthening governance around partnerships by establishing a University Collaborations Committee, terminating arrangements with those partners who did not meet the University’s performance expectations and values, and requiring Council to approve all new partnership arrangements. The University’s internal auditors also undertook an investigation into management and governance processes in place at the largest of the University’s partners, the London School of Science and Technology (LSST), which identified a number of concerns. The University had already terminated its partnership agreement with LSST but has agreed a management action plan to address the findings to be implemented in 202526. In line with the approved Student Protection Plan, the University has also agreed a ‘teach out’ plan with LSST to ensure all students can complete their programmes

of study. The audit of international student admissions received limited assurance and raised concerns around lack of governance and oversight of UKVI compliance, lack of scrutiny over work placement attendance and current attendance and monitoring procedures. The University has accepted all the recommendations and has already commenced work to address the areas identified as requiring improvement. The University Collaborations Committee now monitors UKVI compliance, and will escalate reports to the University Strategy Group and Audit Committee.

- External Auditors, in their audit for the year ending 31 July 2025 included consideration of internal control relevant to the preparation of the Financial Statements, the external audit finding no significant deficiencies.

- In response to events relating to the termination of the University’s partnership with Oxford Business College, the University has put in place a process by which internal auditors can raise concerns regarding any interference with internal audits by members of University staff, including members of the University Strategy Group, directly to the Clerk to Council and the Chair of the Audit Committee.

The above arrangements and the changes made by the University regarding its partnership arrangements all allow the University to be assured that its use of public funding meets all appropriate standards of propriety and regularity.

Statement of Responsibilities of the University’s Council

Statement of Council responsibilities in respect of the annual report and the financial statements.

The Council is responsible for preparing the Annual Report 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.

It 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 requirements of the Accounts Direction dated 25 October 2019 issued by the Office for Students (‘the Accounts Direction’) and the 2019 Statement of Recommended Practice – Accounting for Further and Higher Education. In addition, the Council has elected to prepare the financial statements in accordance with the 2019 Statement of Recommended Practice – Accounting for Further and Higher Education.

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

- select suitable accounting policies and then apply them consistently;

- make judgements and estimates that are reasonable and prudent;

- state whether applicable UK accounting standards and the 2019 Statement of Recommended Practice – Accounting for Further and Higher Education] 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 or to cease operations, or has no realistic alternative but to do so.

The Council is responsible for keeping adequate accounting records that are sufficient to show and explain the parent University’s transactions and disclose with reasonable accuracy at any time the financial position of the parent University. It is responsible for such internal control as it determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and has 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.

The 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;

- income has been applied in accordance with the University's Articles of Government;

- funds provided by the Office for Students, UK Research and Innovation (including Research England) and the Department for Education have been applied in accordance with the relevant terms and conditions attached to them;

- ensuring that there are appropriate financial and management controls in place to safeguard public funds and funds from other sources; and

- securing the economical, efficient and effective management of the University’s resources and expenditure.

The 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.

Financial review

The financial statements presented by the University’s Council comprise the consolidated results of the University and its subsidiary companies, one of which traded during the year (the Group). The Group companies undertake activities which, for legal or commercial reasons, are more appropriately channelled through a limited company. Where possible, subsidiary companies pay their taxable profits to the University under the Gift Aid scheme.

Key Financial Highlights

The results for the group for the year ended 31 July 2025 are summarised below:

Results for the Year ended 31 July 2025 The Group

Results for the 2024-25 financial year are a consolidated group surplus of £0.4m (2023-24 £3.7m). In the year, total income for the Group is reported at £184.9m (2023-24 £192.2m), a decrease of 3.8% on last year. Total income from full time Home and EU students was £137.7m (2023-24 £151.1m), a decrease of 8.8% on last year. Although partnership activity decreased year on year, the University benefited from grant funding income of £9.2m – a slight increase of £0.1m on last year - strong apprenticeship income, and the level of the Bank of England base rate. Although the base rate has decreased during the year, it remains high compared to recent years and, with increased cash balances benefiting from this rate, interest income for the year was £2.5m, only a £0.1m decrease from the prior year’s £2.6m. Figure 1 shows a breakdown of the Group’s income by category, 87.5% of income comes from tuition fees with the remaining 12.5% coming from a variety of smaller sources.

Total expenditure for the Group is £184.5m (2023-24 £188.5m), a decrease of 2.1% on last year. The most significant change from last year is shown in note 7 - academic related expenditure of £136.0m (2023-24 £144.3m), a decrease of 5.8%. Pay costs increased by £1.4m compared to last year, the effects of the UCEA - agreed minimum salary uplifts of 2.3% in August 2024 significantly offset by the cost savings generated by the prior year’s voluntary severance scheme. As in the prior year, a voluntary severance scheme was offered towards the end of the year and 70 members of staff were accepted into it, with a leave date of 31 December 2025, at a cost of £1.8m. Once again, the scheme is a proactive measure, taken to generate sustainable cost savings over the coming years.

Total expenditure on staff costs of £49.0m (2023-24 £47.6m) now represents 26.5% of total income (excluding restructuring costs), an increase from last year’s figure of 24.8%. Average staff numbers in the year were

793 (2023-24 827) – a decrease of 4.1% from the previous year. Other operating expenses for the year of £124.7m (2023-24 £132.8m) are 67.4% of income, a slight decrease from the previous year’s 69.1%. Depreciation rose to £7.1m (2023-24: £5.3m), following prior year capital investment in the High Wycombe campus.

Figure 2 shows a breakdown of the Group’s expenditure, demonstrating that 73.7% is related to academic activities with the largest part of the remaining 26.3% being incurred on administrative and central services.

The University

The University generated a deficit in the 2024-25 financial year of £1.6m – a £5.9m decrease on the previous year’s £4.3m surplus. The income for the year was £183.2m; a reduction of £6.8m over the previous year’s income of £190.0m. Expenditure for the year was £184.8m – a decrease of £1.0m year on year – driven primarily by reduced partnership activity. Expenditure for the year excluding the costs of tuition for students studying with partners was £103.9m, an increase of £11.7m over the previous year’s £92.2m and primarily due to increased academic expenditure and the booking of an additional bad debt expense to recognise the likelihood of being unable to recover any of the £2.9m owed by Missenden Abbey Limited due to the closure of the subsidiary in the coming year.

Missenden Abbey Limited

Missenden Abbey Limited is a 100% owned subsidiary and provides a high-quality hotel service as well as providing educational services in the hotel industry. In June 2025, the University's governing body took the difficult decision to approve the proposed sale of the Missenden Abbey site, owned by the University, in response to the ongoing financial pressures faced by all universities.

Income in the year was £1.8m, a decrease of £0.5m compared to the prior year’s £2.3m - a result of a deceleration of activity during the lead up to the sale of Missenden Abbey, which was announced in June 2025. Expenditure decreased year on year by £0.1m from £2.8m in 2023-24 to £2.7m in 2024-25, reflecting the decreased costs associated with the reduced activity, mostly offset by the provision in the year of redundancy payments due to those staff impacted by the forthcoming sale. The deficit in the year is £0.9m (£0.5m deficit in 2024-25).

Pension Schemes

In this year’s Consolidated Statement of Comprehensive Income and Expenditure (SOCIE) the requirement to fund the administrative expenses of the Local Government Pension Scheme (LGPS) in the year and the net interest cost has seen an in-year credit of £0.3m (2023-24 £0.1m) due to the scheme being in a surplus position.

The credit to staff costs in the year due to movement in the pension provisions is £0.2m (2023-24 £0.5m) and can be seen in note 6.

The actuarial adjustment in respect of pension schemes forms part of the total comprehensive income for the year. The actuarial loss which the University has recognised in this financial year is £0.3m (£0.5m in 2023-24) and is a reflection of the changes in financial assumptions, investment performance and asset ceiling.

The majority of academic staff are members of the Teachers’ Pension Scheme, a multi-employer scheme accounted for on a defined contribution basis.

The University has a small number of employees who are members of the Universities Superannuation Scheme.

Employer contributions to pension schemes were as follows:

Full details of the pension schemes liabilities can be seen in note 26.

Capital Projects

During the year, £9.4m of capital additions were made, the majority of which related to the refresh and development of the High Wycombe campus.

Cash Flow

The cash balance (including short-term deposits) of £54.2m represents a £7.1m increase from the previous year’s balance of £47.1m, demonstrating the University’s continued cash generative position. Connected to this, the University’s liquidity days have remained strong at 194 days as at the end of the financial year compared to 198 days as at the end of the 2023-24 financial year. External secured debt of £0.9m has been repaid leaving the total amount of secured debt outstanding at £17.9m (£18.8m in 202324). An unsecured loan of £0.8m was taken on during the year, resulting in total external debt of £18.7m.

An analysis of Group cash balances versus borrowings over the last four years is shown on the next chart. The excess of the cash balance over borrowings has increased year on year, being £41.0m at 31 July 2025 compared to £33.0m at 31 July 2024.

Figure 3: Group Cash & Borrowings

Cash and current investments comprise £47.1m of cash and £5.4m of investments.

The debt-to-income ratio for the Group has decreased slightly to 9.8% at 31 July 2025 from 10.4% at 31 July 2024:

During ,and at the end of the year, the University achieved all of the banking covenants on the institution.

Balance Sheet and Reserves

The balance sheet shows an increase in net assets since 31 July 2024 of £0.2m to £115.6m (2023-24 £115.4m), driven by the surplus for the year. Figure 4 shows the relationship between the discount used in the actuarial valuation of the LGPS scheme and the value of the assets / liabilities of the scheme over the last five years.

With cash balances forecast to remain healthy during this period, management remain satisfied that the University has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing the accounts.

Figure 4: LGPS Valuation

Investment Policy and Performance

Investment limits have been agreed by Council that reflect the credit rating of the relevant counterparty and the period of the deposit. A financial institution is deemed to be an individual institution if it is registered separately with the FCA (Financial Conduct Authority) and treated as an individual institution for the purposes of the Financial Services Compensation Scheme (FSCS). Therefore, different institutions within the same banking group may get individual banking licenses. Credit ratings are taken to be the lowest of those assessed by the principal recognised agencies (Moody’s, Fitch and Standard & Poor’s) as applied to the senior debt of the relevant counterparty.

Only sterling deposits or sterling commercial paper with maturities within the limits set out in the next table are eligible:

Counterparty Limit Time Period

Barclays Bank subject to long term A rating

Any other Bank or Financial Institution long term A rated

Liquidity or Money Market Investment Fund AAA rated

£30 million Aggregate limit

£50 million * Temporary - 14 days

£10 million Over 1 month

£5 million Over 3 months

£5 million Over 6 months

£5 million

£2 million

£1 million

£10 million

Aggregate limit

Over 3 months

Over 6 months

Up to 3 months

*An aggregate limit with Barclays of £50m was approved by Council in July 2020 to take into account short periods of time when funds are received from the Student Loan Company and remain with the University before payment is made to Partners.

At 31 July 2025 there was a total balance of £38.6m held in deposit accounts. This was split between Handelsbanken (£10.0m), Santander (£0.01m), Barclays (£10.8m), Lloyds (£9.8m), NatWest (0.02m) and Nationwide (£8.0m).

The year ahead

The University has once again delivered a successful financial outcome, both in terms of operating surplus and cash generation, in a very difficult time for the sector.

Looking forward, changes in the OfS funding rules for 25-26, which remove the funding of non-registered students, will impact the University’s funding by about £3.0m and income will be further reduced as a result of the proactive decision to become even more focused on growing core numbers and smaller, ethical partnerships.

To address these challenges, the University has again offered a voluntary severance scheme, at a larger scale than the prior year’s scheme, and is actively reviewing its cost base to ensure staffing expenditure is kept within the budgeted resource plan. The forthcoming sale of Missenden Abbey, which has been loss-making over the past several years, will serve to further reduce expenditure while new income diversification opportunities will be overseen by the Financial Independence Group.

Although the results of the University are moving, after several years of surplus, to a budgeted deficit for 25-26, the actions that are being taken set a firm foundation for the years ahead while allowing for continued investment in the student experience to ensure that the University remains attractive to prospective students.

Independent auditor’s report to the Council of Buckinghamshire New University

Report on the audit of the Financial Statements

Opinion

We have audited the financial statements of Buckinghamshire New University (“the University”) for the Year ended 31 July 2025 which comprise the Consolidated and University Statement of Comprehensive Income and Expenditure, Consolidated and University Statement of Changes in Reserves, Consolidated and University Balance Sheet, Consolidated Statement of Cash Flows and related notes, including the accounting policies in note.

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 2025, and of the Group’s and of the University’s income and expenditure, gains and losses and changes in reserves, and of the Group’s cash flows, for the year then ended; and

Have been properly prepared in accordance with UK accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities are described below. We have fulfilled our ethical responsibilities under, and are independent of the Group in accordance with UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.

Going concern

The Council has prepared the financial statements on the going concern basis as it does not intend to liquidate the Group or the University or to cease their operations, and as it has concluded that the Group and the University’s financial position means that this is realistic. It has also concluded that there are no material uncertainties that could have cast significant doubt over their ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”).

In our evaluation of the Council’s conclusions, we considered the inherent risks to the Group’s business model and analysed how those risks might affect the Group and the University’s financial resources or ability to continue operations over the going concern period.

Our conclusions based on this work:

• we consider that the Council’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate; and

• we have not identified, and concur with the Council’s assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Group or the University’s ability to continue as a going concern for the going concern period.

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the Group or the University will continue in operation.

Fraud and breaches of laws and regulations – ability to detect

Identifying and responding to risks of material misstatement due to fraud

To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

• Enquiring of directors, the Audit Committee, internal audit and inspection of policy documentation as to the Group’s high-level policies and procedures to prevent and detect fraud, including the internal audit function, and the Group’s channel for “whistleblowing”, as well as whether they have knowledge of any actual, suspected or alleged fraud.

• Reading Council and Audit Committee minutes.

• Using analytical procedures to identify any unusual or unexpected relationships.

• Reviewing fraud and whistleblowing reports provided to the Audit Committee.

We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.

As required by auditing standards, we perform procedures to address the risk of management override of controls, in particular the risk that Group management may be in a position to make inappropriate accounting entries and the risk of bias in accounting estimates such as pension assumptions. On this audit we do not believe there is a fraud risk related to revenue recognition because the majority of the Group’s revenue is made of revenue from tuition fees. This revenue is made up of a large volume of low-value transactions, meaning that there is minimal opportunity to commit a material fraud. In particular, a very large number of false entries to student data would be required for a material fraud in tuition fee revenue. Furthermore there is limited ability to manipulate fees arising from partner-taught courses due to the very low value of commission fee income receivable per student.

We did not identify any additional fraud risks.

We performed procedures including:

• Identifying journal entries and other adjustments to test for all full scope components based on risk criteria and comparing the identified entries to supporting documentation. These included those posted by individuals who seldom post journals.

• Assessing whether the judgements made in making accounting estimates are indicative of a potential bias.

Identifying and responding to risks of material misstatement related to compliance with laws and regulations

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the directors and other management (as required by auditing standards), and from inspection of the Group’s regulatory and legal correspondence and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations throughout our team and remained alert to any indications of noncompliance throughout the audit.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related higher education legislation), taxation legislation, pensions legislation, and higher education financial reporting related regulation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the Group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the Group’s license to operate. We identified the following areas as those most likely to have such an effect: fraud, corruption and bribery legislation, money laundering regulations, health and safety legislation, data protection legislation, and compliance with regulatory requirements of the Office for Students and UK Visas and Immigration, recognising the nature of the Group’s activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to

enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

We have reported separately on the University’s use of funds in the section of our audit report dealing with other legal and regulatory requirements.

Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

Other information

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

Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work, we have not identified material misstatements in the other information.

Council responsibilities

As explained more fully in its statement set out on page 26, the Council is responsible for: the preparation of the financial statements and for being satisfied that they give a true and fair view; such internal control as it determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the Group and 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 it either intends to liquidate the Group or the University or to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilities

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 our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk / auditorsresponsibilities

Report on other legal and regulatory requirements

We are required to report on the following matters by the Accounts Direction dated 25 October 2019 issued by the Office for Students (“the Accounts Direction”).

In our opinion, in all material respects:

• 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, 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; and

• the financial statements meet the requirements of the Accounts Direction.

Matters on which we are required to report by exception

We are required by the Accounts Direction to report to you where the University has an access and participation plan that has been approved by the Office for Students’ director of fair access and participation and the results of our audit work indicate that the Group’s and the University’s expenditure on access and participation activities for the financial year disclosed in note 7b has been materially misstated.

We are also required by the Accounts Direction to report to you where the results of our audit work indicate that the Group’s and the University’s grant and fee income, as disclosed on page 49 of the financial statements has been materially misstated.

We have nothing to report in these respects.

The purpose of our audit work and to whom we owe our responsibilities

This report is made solely to the Council in accordance with paragraph 12(2) of the University's Articles of Government and section 124B of the Education Reform Act 1988. Our audit work has been undertaken so that we might state to the 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 Council for our audit work, for this report, or for the opinions we have formed.

Jessica Hargreaves for and

on

behalf of KPMG LLP, Statutory Auditor

Chartered Accountants

15 Canada Square London E14 5GL

04 December 2025

Consolidated Statement of Comprehensive Income and Expenditure

Year ended 31 July 2025

All items of income and expenditure relate to continuing activities.

Accompanying notes and policies on pages 42 to 71 form part of these financial statements.

Consolidated and University Statement of Changes in Reserves

Year ended 31 July 2025

Consolidated and University Balance Sheet

Year ended 31 July 2025

Accompanying notes and policies on pages 42 to 71 form part of these financial statements. The financial statements were approved by the Governing Body on 2 December 2025 and were signed on its behalf on that date by:

Professor Damien Page Vice-Chancellor and Chief Executive

Maggie Galliers CBE Chair of Council and Pro-Chancellor

Consolidated Statement of Cash Flows

Year ended 31 July 2025

The University has taken advantage of the exemption under paragraph 1.12 of FRS102 for qualifying entities from preparing its own cash flow statement.

Accompanying notes and policies on pages 42 to 71 form part of these financial statements.

Statement of Principal Accounting Policies

The country of incorporation of Buckinghamshire New University is the United Kingdom.

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial statements.

The functional currency used in the preparation of the financial statements is GBP Sterling.

Basis of preparation

These financial statements have been prepared in accordance with the statement of recommended practice ‘SORP: Accounting for Further and Higher Education Institutions 2019’,the requirements of the OfS’s accounts direction (issued June 2018) and in accordance with the FRS 102 Accounting Standards. The University is a public benefit entity and therefore applies the relevant public benefit requirement of FRS102.

Basis of accounting

The financial statements are prepared under the historical cost convention modified by the revaluation of certain fixed assets.

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 Council’s Report. The Council’s 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 the Council consider to be appropriate for the following reasons.

The Council has prepared cash flow forecasts for a period of 12 months

from the date of approval of these financial statements (the going concern period) which indicate that, taking account of severe but plausible downsides, the Group and parent University will have sufficient funds to meet their liabilities as they fall due for that period.

In reaching this conclusion, the Council has considered a severe but plausible downside scenario, accounting for potential changes to the higher education funding regime and uncertainty over future price inflation, as well as suitable and plausible mitigating actions including cost controls.

The Council believes the Group and parent University have sufficient funding in place and expects the Group to be in compliance with its debt covenants even in severe but plausible downside scenarios.

Consequently, the Council is confident that the Group and parent University will have sufficient funds to continue to meet their liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

Basis of consolidation

The consolidated financial statements include the University and its subsidiaries for the financial year to 31 July 2025. The results of subsidiaries acquired or disposed of during the period are included in the Consolidated Statement of Comprehensive Income and Expenditure from the date of acquisition or up to the date of disposal. Intra-group transactions are eliminated on consolidation.

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 and investments in associates are accounted for using the equity method.

Income Recognition

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

Tuition Fee income for the University and its partners is stated gross of any expenditure which is not a discount and credited to the Consolidated Statement of Income and Expenditure over the period in which students are studying. For courses starting in September/ October, the assumption is that the course is completed within the academic / financial year. For courses starting between January and July, the course is assumed to start from the first day of the following month. 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 Consolidated Income and Expenditure 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

The University has adopted the accrual model for government revenue grants.

Government revenue grants including funding council block grant and research grants are recognised in 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 creditors due within one year and due after more than one year as appropriate.

Grants (including research grants) from non-government sources are recognised as 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 recognised as deferred income within creditors on the balance sheet and released to income as the conditions are met.

Capital grants

Government capital grants are recognised in income over the expected useful life of the asset using the accruals method of accounting. Other capital grants are recognised in income when the University is entitled to the funds subject to any performance related 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 in income when the University is entitled to the funds. 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.

Donations with no restrictions are recognised in income when the University is entitled to the funds.

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 other restriction applied to the individual endowment fund.

There are four main types of donations and endowments identified within reserves:

1. Restricted donations - the donor has specified that the donation must be used for a particular objective.

2. 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.

3. Restricted expendable endowments - the donor has specified a particular objective other than the purchase or construction of tangible fixed assets, and the University has the power to use the capital.

4. 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.

Research and Development expenditure

Expenditure on Research and Development is written off to the Consolidated Statement of Comprehensive Income and Expenditure in the year in which it is incurred.

Maintenance of premises

The University has a five-year rolling long-term maintenance plan, which forms the basis of the ongoing maintenance of the estate. The cost of long term and routine corrective maintenance is charged to the Consolidated Statement of Comprehensive Income and Expenditure as incurred for work and is not capital in nature.

Foreign currency

Transactions in foreign currencies are translated to the respective functional currencies of Group entities 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 translated to the functional currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in

Surplus or Deficit. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are retranslated to the functional currency at foreign exchange rates ruling at the dates the fair value was determined.

Accounting for retirement benefits

Retirement benefits for most employees of the University are provided by either the Teachers’ Pension Scheme (TPS) or the Local Government Pension Scheme (LGPS). Some retirement benefits are provided by Universities Superannuation Scheme (USS) and Scottish Widows Scheme. The TPS, LGPS and USS schemes are defined benefit schemes which are externally funded and contracted out of the State Second Pension (S2P). Scottish Widows is a defined contribution plan.

The USS is a multi-employer scheme for which it is not possible to identify the assets and liabilities to the University as members, due to the mutual nature of the scheme, and therefore this scheme is accounted for as a defined contribution retirement benefit scheme.

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

Defined Benefit Plan

Defined benefit plans are postemployment benefit plans other than defined contribution plans. Under defined benefit plans, the University’s obligation is to provide the agreed benefits to current and former employees, and actuarial risk (that benefits will cost more or less than expected) and investment risk (that returns on assets set aside to fund the benefits will differ from expectations) are borne, in substance, by the University. The Group should recognise a liability for its obligations under defined benefit plans net of plan assets. This net defined benefit liability is measured as the estimated amount of 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. Where the calculation results in a net asset, recognition of the asset is limited to the extent to which the University is able to recover the surplus either through reduced contributions in the future or through refunds from the plan.

Defined Contribution Plan

A defined contribution plan is a postemployment benefit plan under which the company 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 Consolidated Statement of Comprehensive Income and Expenditure in the periods during which services are rendered by employees.

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. Termination benefits are recognised as an expense in the year an employee's contract of employment is terminated.

Tangible fixed assets

Fixed assets are stated at 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 the 2019 FE HE SORP, are measured on the basis of deemed cost, being the revalued amount at the date of that revaluation.

Depreciation is provided to write off the cost or valuation less the estimated residual value of the tangible fixed assets by equal instalments over their useful economic life as follows:

Core - 50 to 80 years; Roofs – 40 years; Finishes – 30 years;

Fixtures and fittings – 20 years;

Mechanical and electrical – 30 years;

Refurbishments of freehold buildings –30 years;

Refurbishments of leasehold buildings –over the remaining period of the lease; Minor capital works – 5 years;

Equipment - 5 to 15 years;

Operating lease buyouts – over the remaining useful life of the underlying assets No depreciation is provided on freehold land

a. Land and buildings - The University's buildings are specialised buildings and therefore it is not appropriate to value them on the basis of open market value. Land and buildings inherited from the Local Education Authority (LEA) are stated in the balance sheet at valuation on the basis of depreciated replacement cost. Other land and buildings are included in the balance sheet at cost. Freehold land is not depreciated as it is considered to have an indefinite useful life.

A review for impairment of a fixed asset is carried out for assets with an anticipated useful economic life in excess of 50 years when events or changes in circumstances indicate that a review is appropriate. The useful life of all assets is reviewed if events or changes in circumstances indicate that the carrying amount of the fixed asset may not be recoverable.

b. Buildings - Buildings under construction are accounted for at cost, based on the value of architects’ certificates and other direct costs, including associated finance costs, incurred to 31 July. No depreciation is charged on assets in the course of construction.

c. Equipment - Equipment, including computers and software, costing less than £5,000 per individual item is recognised as expenditure. All other equipment is capitalised. Capitalised equipment is depreciated over its useful economic life.

Where equipment is acquired with the aid of specific grants it is capitalised

and depreciated in accordance with the above policy, with the related grant being credited to a deferred capital grant account and released to Consolidated Statement of Comprehensive Income and Expenditure over the expected useful economic life of the related equipment.

Intangible fixed assets

Intangible fixed assets are stated at cost less accumulated amortisation and accumulated impairment losses. Amortisation is provided to write off the cost or valuation less the estimated residual value of the intangible fixed assets by equal instalments over their useful economic life.

Investments

Investments in subsidiary undertakings are recognised at cost less provision for impairment losses.

Stock

Stock is held at the lower of cost and net realisable value, and is measured using a fair valuation method. Educational stock is not material in relation to the University finances and is therefore charged to the Consolidated Statement of Comprehensive Income and Expenditure when purchased.

Taxation

The University is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 (formerly schedule 2 of the Charities Act 1993) and as such within the meaning of paragraph 1 of schedule 6 to the Finance Act 2010. Accordingly, the University is potentially exempt from taxation in respect of income or capital gains received within categories covered by sections 478 to 488 of the Corporation Taxes Act 2010 (formerly enacted in section 505 of the Income and Corporation Taxes Act 1988), 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 subsidiary companies are subject to corporation tax and VAT in the same way as any commercial organisation.

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, highly liquid investments that are readily convertible to known amounts of cash with insignificant risk of change in value.

Short Term Investments

Short term investments comprise bank deposits which are not repayable within 24 hours.

Provisions, contingent liabilities and contingent assets

Provisions are recognised in the financial statements when:

a. the University has a present obligation (legal or constructive) as a result of a past event;

b. it is probable that an outflow of economic benefits will be required to settle the obligation; and

c. 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.

Agency arrangements

Funds the institution receives and disburses as paying agent on behalf of a funding body or other body, where the institution is exposed to minimal risk or enjoys minimal economic benefit related to the receipt and subsequent disbursement of the funds, are excluded from the Consolidated Statement of Comprehensive Income and Expenditure of the institution.

Financial Instruments

The University only has financial assets and liabilities of a kind that qualify as basic financial instruments. They are initially recognised at transaction value and subsequently measured at their settlement value, as follows:

- Cash – cash held

- Debtors – settlement amount after any discounts

- Creditors – settlement after any trade discounts

- Loans – amortised cost

- Finance leases – amortised cost

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 and the corresponding lease liabilities are initially recognised 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.

Borrowing costs

Borrowing costs are recognised as expenditure in the period in which they are incurred.

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

in Associates

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

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

The University accounts for its investments in associates under the equity method.

Reserves

Reserves are classified as restricted or unrestricted.

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.

Accounting Estimates and Judgements

The following accounting judgements are considered critical in applying the University’s accounting policies:

Partnership Income Recognition

The University applies judgment in determining the agency / principal relationship with its franchise partners. Where the University is exposed to the majority of the benefits and risks of the relationship the University considers itself to be acting as a principal and the student income is recognised on a gross basis. Where the University is not exposed to the majority of the benefits and risks of the relationship the University considers itself to be acting as an agent and the income is recognised on a net basis.

The primary factors that the University considers indicative when determining whether or not it is exposed to the majority of the benefits and risks of the relationship are:

1. A direct relationship with the Student Loan Company for the tuition fees of the students.

2. A direct relationship with the Office for Students for the teaching grants of the students.

3. A direct relationship with HESA for the students number return for those students.

4. The University having full contractual responsibility for teaching out the students if the partner fails.

5. The University bearing the risk of investment in the development of the course programmes which it designs as well as the inventory risk.

6. The University controlling the price of all courses charged to students.

Accounting for Chiltern Student Village

The University is a third member of Chiltern Student Villages Ltd (CSV), a charitable company whose objects include the advancement of education through the provision of housing and associated services to students of the University and other educational institutions.

During 2016-17 the University completed the sale of its student accommodation to CSV as part of a wider refinancing arrangement with an alternative finance provider. This resulted in the University committing to an operating rental lease of the buildings on the site from Aviva as part of the transaction for a period of 30 years.

In the arrangements that exist above management have considered two key items in reviewing the application of appropriate accounting treatment:

1. Whether or not the University has control over CSV – it is concluded that management has no control over CSV as it is obliged to act within its objects which are not exclusively for the benefit of students of the University, Charity’s trustees are bound by charity law to act within the objects of CSV regardless of who appoints them. The University does have the right to remove the bank from CSV; however doing so would cause a significantly adverse commercial impact on the entity that this would never take place in practice.

2. Whether the arrangement with Aviva is an operating or finance lease – it has been concluded by management that the arrangement is an operating lease because at the end of the arrangement there is no beneficial financial arrangements with regards to continuing with the lease or the purchase of the asset. The life of the asset is 53 years as opposed to the length of the lease which is 30 years and the NPV of the minimum lease payments is significantly lower than the deemed value of the asset.

Accounting for bad debt provisions

The University has bad debt provisions in respect of student, partnership, commercial and research debts. The bad debt provision is calculated on a specific basis according to where the student or student sponsor is in the debt collection cycle with a general provision calculated for remaining debtors with regards to the ageing of the debt to provide for balances which may prove irrecoverable. Balances over 211 days overdue are provided for fully, balances between 181 and 210 days overdue are provided for at a rate of 50% and balances between 151 and 180 days overdue are provided for at a rate of 25%. The specific provision takes into consideration the debtors’ engagement with the University, whether their account has been placed with an external collector, whether it is awaiting legal action and whether there is an agreed payment plan in place.

Debt deemed to be uncollectable during the year is written off to the Consolidated Statement of Income and Expenditure.

Estimates for the accounting for employee benefits

FRS 102 requires that certain assumptions are made in order to determine the amount to be recorded for retirement benefit obligations and pension plan assets for certain of the University’s defined benefit plans. These are mainly actuarial assumptions such as discount rate, mortality rates and expected inflation rates. In determining the appropriate assumptions, the University has regard to various external sources, including as provided by actuaries.

Differences arising from actual experience or future changes in assumptions will be reflected in future years. The key assumptions made for 2024-25 are included in note 26.

Notes to the Accounts

Notes to the Accounts Year ended 31 July 2025

Notes to the Accounts Year ended 31 July 2025

Note

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

6 Staff Costs

1. Buckinghamshire New University’ remuneration policy and procedure follow best practice as detailed in the Committee of University Chairs (CUC) Higher Education Senior Staff Remuneration Code.

2. This note relating to staff pay disclosures is aligned to the OfS Regulatory Advice 9: Accounts Direction (OfS 2019.41, published 25 October 2019).

a) Number of staff with a full-time equivalent basic salary of over £100,000 per annum

£170,000 - £174,999

£175,000 - £179,999

£180,000 - £184,999

£185,000 - £189,999

£190,000 - £194,999

£195,000 - £199,999

£200,000 - £204,999

£205,999 – £209,999

£140,000

£210,000 - £214,999

£215,000 - £219,999

£220,000 - £224,999

£225,000 - £229,999

£230,000 - £234,999

£235,000 - £239,999

Notes to the Accounts Year ended 31 July 2025

b) Remuneration Package of the Head of Provider (Vice-Chancellor)

Prof. Nick Braisby (2024-25) – to 28 February 2025

Prof. Nick Braisby (2023-24) Prof. Damien Page (2024-25) – from 1 February 2025

i) Basic Salary

ii) Payment of dividends

iii) Performance related pay and other bonuses including amount waived or deferred payment arrangements

iv)

v)

and

for loss of office

vii) Any sums paid under any pension scheme in relation to employment with the provider

x)

remuneration

*The VC’s deferred payment accumulated since 2021 was paid at his leaving date for a total as set out above. The accumulated amounts have been reported in previous accounts

** The former VC opted out of the pension scheme in January 23 therefore this figure is the cash supplement he received in lieu of pension contributions

c) Justification for the total remuneration package for the head of provider until 28 February 2025 (Prof. Nick Braisby)

The Chair of Council undertakes the annual Performance and Development Review (PDR) of the University’s Vice-Chancellor and Chief Executive Officer against an agreed set of objectives, both institutional and personal, and in line with the information and data reported by the Vice-Chancellor to Council throughout any given year.

Nick Braisby, the University’s previous Vice-Chancellor, received a deferred salary payment of £143,737.70 in the 2024/25 financial year. This was in addition to his base salary of £245,010. The payment of £143,737.70 relates to a historic arrangement that predates the University’s current Chair of Council and members of the University’s current Vice-Chancellor Remuneration Committee.

The historic arrangement was agreed in 2021 by the then Vice-Chancellor Remuneration Committee. It followed a benchmarking exercise after which the Committee decided the former Vice-Chancellor’s remuneration was appreciably below what would be expected for an institution of comparable income. The Committee decided to increase the base pay for the former ViceChancellor from 2021. Rather than apply the pay increase with immediate effect, the Committee instead agreed with Nick Braisby that the shortfall between the Vice-Chancellor’s salary and benchmark would accumulate with a pay-out for accumulated deferred salary from 2019/20 to 2024/25 due in 2024/25, if objectives were met.

Based on the information provided to Council by the former Vice-Chancellor, both during the PDR process and throughout the year, the Chair of Council deemed that Nick Braisby met his objectives in 2024/25.

Professor Braisby announced on 20 March 2024 that he would step down as Vice-Chancellor during 2025. He left the University on 28 February 2025 and the Remuneration Committee agreed to provide compensation for loss of office amounting to £76,381.31 so he was paid for the full financial year to 31 July 2025.

d) Justification for the total remuneration package for the head of provider from 1 February 2025 (Prof. Damien Page) Professor Damien Page became Vice-Chancellor and Chief Executive on 1 February 2025 following a competitive recruitment process. His salary was benchmarked and approved by the current Vice-Chancellor Remuneration Committee. Professor Damien Page has no additional remuneration beyond his base salary and pension.

Notes to the Accounts Year ended 31 July 2025

Relationship between head of provider’s remuneration and that for all other employees

The UCEA report pay ratio/multiple between the head of provider’s remuneration and the median salary for staff is 5.7 (updated July 2025 with 23/24 HESA data). This is based on information provided by the Universities & Colleges Employers Association (UCEA) which uses HESA data (academic staff only). Using our payroll data, the head of the provider’s basic salary is 5.9 times the median pay of 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 is 5.9 times the median total remuneration of staff, where the median total remuneration (including pension) is calculated on a full-time equivalent basis for the total remuneration by the provider of its staff.

e) Severance payments

a. Disclosures about all staff

Category

ii) Loss of any other office connected with the provider’s affairs

iii) Loss of any other office connected with the affairs of a parent or subsidiary undertaking of the provider

*This includes payments for our 2024 Voluntary severance scheme open to all staff

b. Disclosures about the head of provider (Professor Nick Braisby)

None

Category Amount paid to the head of provider

i) Loss of office £76,381.31

ii) Where compensation paid includes benefits Not applicable

iii) Where compensation paid includes additional pension payments Not applicable

Average staff

Key management personnel

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the University. Staff costs includes compensation paid to key management personnel.

The key management personnel at the University are its senior management team which is headed up by the Vice Chancellor and during this financial year has comprised - until 31 January 2025 - the Deputy Vice Chancellor, the Pro-Vice Chancellor (Education), the Chief Finance Officer, the Commercial and Business Development Director and the University Secretary and Clerk to Council. From 1 February 2025 the senior management team comprised the Pro-Vice Chancellor (Academic), the Pro-Vice Chancellor (External Collaborations), the Pro-Vice Chancellor (Pedagogy and Practice), the Chief Finance Officer, the Chief People Officer, the Chief Infomation Officer, the Academic Registrar, the Chief Impact Officer and the Director of Strategy, Transformation and Futures.

Notes to the Accounts Year ended 31 July 2025

Council Members

The University council members are the trustees for charitable law purposes. Due to the nature of the University's operations and the compositions of the Council, being drawn from local public and private sector organisations, it is inevitable that transactions will take place with organisations in which a member of the Council may have an interest. All transactions involving organisations in which a member of Council or their spouse may have an interest, including those identified below, are conducted at arms length and in accordance with the University's Financial Regulations and usual procurement procedures. In 2024-25 transactions of this nature totalled £32,148 (2023-24 £47,547).

No council member has received any remuneration / waived payments from the group during the year (2024 - none)

The total expenses paid to or on behalf of three council members was £778 (2024 - £929). This represented travel and subsistence expenses incurred in attending Council, Committee meetings and Charity events in their official capacity.

7a Analysis of expenditure

Year ended 31 July 2025 Year ended 31 July 2024

Academic and related expenditure includes £80,898k for 2024-25 and £93,518k for 2023-24 for the costs of tuition of students recruited through partners

7b Access and Participation

Access and Participation Plan 2020-24:

Access and Participation Plan 2020-24

APP variation

Access and Participation Plan Variation

Note on staff costs

All staff costs of £196k are also included in the overall staff cost figure (ref: Note 6).

Note on partners

Investment by sub-contractual partners is included in the statement. This information is provided by the partners and combined with spend for BNU ‘taught’ students. This spend is incurred directly by the partners and does not appear in the accounts of BNU.

Notes to the Accounts Year ended 31 July 2025

Context

Of our full-time, home undergraduate entrants in 2024-25,

- 26% were from the two lowest participation quintiles [28%]

- 55% were from the two most disadvantaged quintiles [46%]

- 80% were mature [30%]

- 17% were Black [9%]

- 14% were Asian [19%]

- 8% were an other ethnic minority [9%]

[Sector data in brackets- source OfS APP dashboard, 2023-24 latest data available; All other data internal Student Activity Dashboard, FTE, November 2024]

Access investment

We have engaged with 11,996 young people in over 375 events

- 17% were first- generation in HE

- 36% were global majority students

- 34% came from high deprivation areas

- 27% came from Polar 1 and 2

- 29% received free school meals

- 116 were service young people

- 92 were care-experienced / young carers

The University has built stronger relationships with key target schools and colleges and focussed on more sustained interactions. Support has increased to students from year groups 6 to 13, delivering more than 3,500 hours of engaging in-person and blended activities throughout the year, including primary school transition, campus-based tours and workshops; course tasters; virtual CV and UCAS support; mock interviews and portfolio reviews. Since the pandemic the team has seen an uptake of more specialist sessions including parental support, teacher CPD, Bucks Adult Learners, and pupils with additional needs.

Higher intensity activities such as taster visits to campus, have a greater impact on student decision BNU is proud of everyone in its diverse and inclusive University community and works tirelessly to break down barriers to ensure that everyone can benefit from the transformative education it provides. In order to fulfil its Access and Participation Plan objectives, the University embeds activities to address risks to equality of opportunity. The University’s Futures Days campus visits are aimed at Year 9 / 10 students, offering a first-hand experience of university life to encourage them to consider higher education, irrespective of their background. Futures Days help pupils to enhance understanding, connect to peers and enable opportunities for disadvantaged pupils from nontraditional backgrounds. In 2024-25, BNU held 24 Futures Days which were offered to all local schools in the most deprived wards which meet its widening participation criteria. Feedback showed these days helped changed the mindset of many students who are now considering university having previously thought this was not a viable option.

For older age groups, BNU supports both their transition into further education and their application to higher education. BNU also offers special on campus taster days collaborating with course academics. The University actively seeks to recruit Student Ambassadors who attended its target WP schools to provide relatable role models to the school pupils with whom it works.

Support for disabled students

BNU spent £638,715 and sub-contractual partners spent £9,723 on support for disabled students (total: £648,438).

Notes to the Accounts Year ended 31 July 2025

Research and evaluation

BNU spent £89,649 and sub-contractual partners spent £31,962 on research and evaluation of access and participation activity (total: £121,611).

There has been ongoing embedded investment in business intelligence and evaluation capability during 2024-25 as the University developed its updated APP including membership to SEER. The strategic planning team partially support the evaluation of attainment raising activity, awareness raising activity and manage associated business intelligence which now operates as a separate function within the team. Annual Monitoring now more closely follows the Ofsted approach and tracking OfS conditions; Schools account for outcome gaps and respond with actions which feed into the strategic and business planning process. The figure also includes HEAT membership.

Financial support

The types of financial support available in 2024-25 were as set out in our five-year plan (2020-2024).

BNU spent £733,000 and sub-contractual partners spent £295,844 on financial support for students (total: £1,028,844).

BNU ‘taught’ students: Bursaries: £479,139.53; Hardship Fund (Hardship Fund + Emergency Fund): £207,533.74; Bucks Future Success Package (books and equipment grant): £194,710.61 (£279,883.41 allocated)

1,135 UK domiciled students from underrepresented groups received bursaries:

- 611 Thrive Bursary

- 21 Care leaver bursary;

- 17 Estranged student bursary; - 2 GRTSB bursary.

141 UK domiciled students received support from the BNU hardship fund.

Note on overspend / underspend

Overspend

The financial support commitment was reduced in the July 2022 APP variation to reflect the teach-out arrangement with our partner UCFB. In this time, the cost of living crisis led to increased demand for BNU’s financial support offer and budget was increased; financial support activity also increased in our Partner LSST during this time.

Inflation has increased the cost of running Outreach activity and this has significantly increased in our Partner LSST.

Commitment to research and evaluation has been increased in preparing the new APP.

8

9 Taxation

As explained in the accounting policies, the University is potentially exempt from taxation because of its charitable status and no taxation on income or capital gains is payable for 2024-25 or 2023-24.

Notes

to the Accounts Year ended 31 July 2025

Notes to the Accounts Year ended 31

July 2025

11 Fixed Assets

At 31 July 2025, freehold land and buildings included £14.45m (2024 £14.45m) in respect of freehold land and is not depreciated. At 31 July 2025, freehold land and buildings included £72.2m (2024 - £64.53m) held under charge by Barclays Bank in respect of the loan detailed in note 18.

Notes to the Accounts Year ended 31 July 2025

Group and University fixtures, fittings and equipment include assets held under finance leases as follows:

12 Non-Current Investments

Other non-current investments consist of :

(Conferences)

(Conferences) Limited Provision for Loss - Dormant (886)

Within the capital and reserves of BCUC (Conferences) Limited is £628k of called up share capital in BCUC (Services) Limited.

13 Investment in associate entities

Chiltern Student Villages Limited, a charitable company, is an associated entity of the University accounted for under the equity method. The cost and carrying amount of the investment at 31 July 2025 was nil (2024: £nil). Chiltern Student Villages Limited is a company limited by guarantee and has no shareholders and makes no distribution to its members. As such, in the year ended 31 July 2025 the University's share of the associate charitable company's result is nil (2024: £nil).

14 Stock

15 Trade and other receivables

Notes to the Accounts Year ended 31 July 2025

16 Current Investments

17 Creditors: amounts falling due within one year

Deferred income

Included with accruals and deferred income are the following items of income which have been deferred until specific performance related conditions have been met.

18 Creditors: amounts falling due after more than one year

Notes to the Accounts Year ended 31 July 2025

Analysis of secured and unsecured loans:

Notes to the Accounts Year ended 31 July 2025

21 Cash and cash equivalents

22 Capital and other commitments

Provision has not been made for the following capital commitments:

These commitments are primarily made up of the retention payments on the High Wycombe campus project and improvements to the engineering and health / paramedicine provision, funded by the OfS.

23 Lease obligations

Total rentals payable under operating leases:

The operating lease commitments primarily relate to the rents payable for the student accommodation buildings Windsor House and Hughenden Student Villages.

Total rentals payable under finance leases:

The finance lease commitments relate primarily to the Aylesbury campus building and land.

Notes to the Accounts Year ended 31 July 2025

24 Contingent liabilities

There were no contingent liabilities as at 31 July 2025 or 31 July 2024.

25 Subsidiary undertakings

The subsidiary companies (all of which are registered in England & Wales), wholly-owned or effectively controlled by the University, are as follows:

Missenden Abbey Limited

BCUC (Conferences) Limited

BCUC (Services) Limited

Thames Valley Training & Development Ltd

Buckinghamshire Education and Skills Training

26 Pension Schemes

Different categories of staff are eligible to join one of two main schemes at the University:

• Teachers’ Pension Scheme (TPS); for academic employees

• Local Government Pension Scheme (LGPS); for non-academic employees

There are a very small number of academic employees who are also part of the Universities Superannuation Scheme (USS).

These schemes are defined benefit schemes contracted out of the State Second Pension (S2P), the assets of which are held in separate trustee administered funds. These are funded by contributions from the University and employees and the accounts reflect the cost of providing these benefits.

If the University ever closes and there is no successor establishment, the Secretary of State becomes the compensating authority.

Teachers’ Pension Scheme (TPS)

The Teachers’ Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers’ Pension Scheme Regulations 2014. These regulations apply to teachers in schools and other educational establishments, including universities. Membership is automatic for teachers and lecturers at eligible institutions. Teachers and lecturers are able to opt out of the TPS.

Although members may be employed by various bodies, their retirement and other pension benefits are set out in regulations made under the Superannuation Act (1972) and Public Service Pensions Act (2013) and are paid by public funds provided by Parliament. The TPS is an unfunded scheme and members contribute on a ’pay as you go‘ basis – these contributions, along with those made by employers, are credited to the Exchequer under arrangements governed by the above Act. Retirement and other pension benefits are paid by public funds provided by Parliament.

Under the definitions set out in FRS 102 (28.11), the TPS is a multi-employer pension plan. The University is unable to identify its share of the underlying assets and liabilities of the plan.

Accordingly, the University has taken advantage of the exemption in FRS 102 and has accounted for its contributions to the scheme as if it were a definedcontribution plan.

Valuation of the TPS

The valuation of the TPS is carried out in line with regulations made under the Public Service Pension Act 2013. Valuations credit the teachers’ pension account with a real rate of return assuming funds are invested in notional investments that produce that real rate of return.

The latest actuarial review of the TPS was carried out as at 31 March 2020. The valuation report was published by the Department for Education in October 2023. The valuation reported total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £262 billion, and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £222 billion giving a notional past service deficit of £40 billion.

As a result of the valuation, new employer contribution rates were set at 28.68% of pensionable pay from April 2024 onwards (compared to 23.68% during 2022-23).

A full copy of the valuation report and supporting documentation can be found on the Teachers’ Pension Scheme website.

The employer’s contributions to the Teachers’ Pension Scheme is £4,829,794 in 2023-24 (2023-24: £4,176,698).

Notes to the Accounts Year ended 31 July 2025

Universities Superannuation Scheme (USS)

The institution participates in Universities Superannuation Scheme. The assets of the scheme are held in a separate trusteeadministered fund. Because of the mutual nature of the scheme, the assets are not attributed to individual institutions and a scheme-wide contribution rate is set. The institution is therefore exposed to actuarial risks associated with other institutions’ employees and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. As required by Section 28 of FRS 102 “Employee benefits”, the institution therefore accounts for the scheme as if it were a defined contribution scheme. As a result, the amount charged to the profit and loss account represents the contributions payable to the scheme and the deficit recovery contributions payable under the scheme’s Recovery Plan.

Where a scheme valuation determines that the scheme is in deficit on a technical provisions basis (as was the case following the 2020 valuation), the trustee of the scheme must agree a Recovery Plan that determines how each employer within the scheme will fund an overall deficit. The institution recognises a liability for the contributions payable that arise from such an agreement (to the extent that they relate to a deficit) with related expenses being recognised through the income statement.

The total charge to the profit and loss account is £22,000 (2023-24 write back of £77,000) as shown in note 6.

Deficit recovery contributions due within one year for the institution are £nil (prior year: £nil).

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%. As set out in Note 18, no deficit recovery plan was required under the 2023 valuation because the scheme was in surplus on a technical provisions basis. The institution was no longer required to make deficit recovery contributions from 1 January 2024 and accordingly released the outstanding provision to the statement of income and expenses in the prior year.

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

Since the institution 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 Statement of Funding Principles.

CPI assumption

Pension increases (subject to a floor of 0%)

Discount rate (forward rates)

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

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

Fixed interest gilt yield curve plus:

Pre-retirement: 2.5% p.a.

Post retirement: 0.9% p.a.

Notes to the Accounts Year ended 31 July 2025

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

Future improvements to mortality

101% of S2PMA “light” for males and 95% of S3PFA for females

CMI 2021 with a smoothing parameter of 7.5, an initial addition of 0.40% p.a., 10% w2020 and w2021 parameters, and a long-term improvement rate of 1.80% pa for males and 1.60% pa for females

The current life expectancies on retirement at age 65 are:

Local Government Pension Scheme (LGPS)

The Local Government Pension Scheme (LGPS) is a defined benefit statutory scheme administered in accordance with the Local Government Pension Scheme Regulations 2013 and currently provides benefits based on career average revalued earnings. The administering authority for the Fund is Buckinghamshire County Council.

The Local Government Pension Scheme is valued every three years by a professionally qualified independent actuary using the projected unit method, the rates of contribution payable being determined by the trustees on the advice of the actuary. The next actuarial valuation of the Fund will be carried out as at 31 March 2025 and will set contributions for the period from 1 April 2026 to 31 March 2029.

The table below summarises the minimum employer contributions due from the University to the Fund during this inter-valuation period. The employer may pay further amounts at any time but, following the actuarial valuation of the fund as at 31 March 2022, no secondary rate payments to help fund a potential deficit on cessation on of the scheme are due.

To assess the value of the Employer’s liabilities at 31 July 2025, the value of the liabilities calculated for the funding valuation as at 31 March 2022 have been rolled forward, using financial assumptions that comply with FRS102.

Asset values are reported using estimated asset allocations calculated at each triennial valuation as at 31 March 2022, and thereafter the valuations are rolled forward for accounting valuation purposes.

To calculate the asset share the actuary has rolled forward the assets allocated to the Employer as at 31 March 2022 allowing for investment returns, contributions paid into and estimated benefits paid from the Fund by and in respect of the Employer and its employees. The estimated asset allocation for Buckinghamshire New University as at 31 July 2025 is £103.261m (31 July 2024 £95.203m)

The pension scheme assets are held in a separate trustee-administered fund to meet long-term pension liabilities to current and former employees. The trustees are required to act in the best interests of the fund’s beneficiaries. The trustees are responsible for setting the investment strategy for the scheme in consultation with professional advisers.

Notes to the Accounts Year ended 31 July 2025

An amount of £190,000 (2024: £188,000) was paid directly by the University in respect of supplementary pension entitlements of employees taking early retirement at the time of incorporation. The pension liability associated with this commitment is valued in line with the assumptions for the LGPS in the sections below.

Assumptions used in calculating the schemes liabilities under FRS102

Financial assumptions

The financial assumptions used to calculate the results are in the table below.

These assumptions are set with reference to market conditions at 31 July 2025.

The estimated Macaulay duration of the Employer’s liabilities as at the accounting date using the assumptions set out above is 17 years.

Demographic assumptions

The current mortality rates allow for a long-term rate of improvement in life expectancy of 1.50% p.a. The assumed life expectations from 65 are as below:

in 20 years:

Scheme assets and expected rate of return

The return on the Fund (on a bid value to bid value basis) for the year to 31 July 2025 is estimated to be 6.74%. The actual return on Fund assets over the year may be different. During each annual reporting period between triennial valuations, asset returns are estimated using 11 months of market experience and one month of extrapolation being assumed.

Management have relied on the fund administrators to calculate return on the investments which are made based on systematic investment plan prepared by the Buckinghamshire LGPS. There is therefore inherent estimation uncertainty in the value of the fund assets at 31 July 2025 given that the asset values are rolled forward from the latest reporting year of the fund, allowing for investment returns (estimated where necessary), contributions paid into, and estimated benefits paid from, the fund, by and in respect of the University and its employees. A change of 1% in the asset value would increase / decrease the valuation of the University's pension fund asset by £1,033k.

Based on the estimated asset allocation, the Employer’s share of the assets of the Fund is approximately 2.27%.

The estimated asset allocation for Buckinghamshire New University as at 31 July 2024 is as follows:

Notes to the Accounts

Year ended 31 July 2025

Re-measurements in other comprehensive income:

Negative figures represent costs to the University

Movement in net pension liability during the year:

Notes to the Accounts Year ended 31 July 2025

Reconciliation of the movement of the present value of the defined benefit obligation:

Analysis of the movement in the fair value of scheme assets:

Notes to the Accounts Year ended 31 July 2025

History of experience gains and losses:

The University has elected not to restate prior year amounts as permitted by FRS102. The employer contributions to the scheme for the year to 31 July 2025 is £3,091,000. Estimated employer contributions for the year to 31 July 2026 is £2,824,000.

As a result of the significant gains arising from the change in financial assumptions, the net balance of the University's funded defined benefit obligation is in a surplus position at the reporting date. At the balance sheet date, forward looking minimum funding contributions, based on current contribution rates, are higher than the forward-looking service cost, based on balance sheet date market conditions. On the assumption that these rates continue into the future, no surplus is recognisable.

In June 2023, the High Court handed down a decision in the case of Virgin Media Limited v NTL Pension Trustees II Limited and others relating to the validity of certain historical pension changes due to the lack of actuarial confirmation required by law. On 2 September 2025, the Government published draft amendments to the Pensions Scheme Bill which would give affected pension schemes the ability to retrospectively obtain written actuarial confirmation that historical benefit changes met the necessary standards. The draft legislation will need to be agreed by both Houses of Parliament before it passes into law.

Sensitivity Analysis

The following table sets out a sensitivity analysis on the major assumptions which have been used in the above calculations:

Notes to the Accounts Year ended 31 July 2025

27 Consolidated reconciliation of net funds

Borrowings:

falling due within one year

amounts falling due after more than one year

28 Related party transactions

Certain members of the Council are associated with other organisations that may from time to time undertake transactions with the University or its subsidiaries. All such transactions are undertaken on an arm’s length basis and in accordance with the University’s normal terms. No member of the Council has any financial interest in such transactions, nor is such other organisations related parties of the University or its subsidiaries.

As all subsidiary undertakings are wholly owned, the University has taken advantage of the exemption contained in FRS 102 and has therefore not disclosed transactions or balances with entities which form part of the group.

The following payments were made to or received from organisations in which four of the University's Board of Governors and Advisors have a material role and / or controlling interest:

Nick Braisby: GuildHE

Notes to the Accounts

Year ended 31 July 2025

No other transactions were identified which require disclosure under FRS 102, Section 33, ‘Related Party Disclosures’

The University is a member of Chiltern Student Villages Ltd. There is no controlling party. The charitable company was set up in July 2008 for the transfer, development, provision and management of student accommodation at the University.

Bucks Students’ Union is an independent organisation largely funded by the University. During the 2024-25 financial year the Union was in receipt of £2.058m (2023-24 £2.386m) of grant funding from the University. At 31 July 2025, the University had a creditor with the Students’ Union of £246k and a debtor of £73k.

29 US Department of Education required disclosure

The following table is provided soley in satisfaction of the university’s obligations to facilitate access to US federal financial aid as required by the US Department of Education, and has been prepared and presented in-line with their specific requirements. All figures presented are based upon FRS 102 recognition and measurement principles, in line with the statement of accounting policies, and are presented in GBP. It is not advised that it be used for any other purpose and all values within it can be found elsewhere within these financial statements.

The schedules set out how each amount disclosed has been extracted 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. Year ended 31 July 2025 Year ended 31 July 2024

plant and equipment - postimplementation with outstanding debt for

Notes to the Accounts Year ended 31 July 2025

Notes to the Accounts Year ended 31 July 2025

University Council and Advisors

Independent & Co-opted Council Members

Maggie Galliers CBE Independent Chair and Pro-Chancellor Appointed 1 August 2021

Irene Kirkman Independent Term ended 31 July 2024

Sadie Groom Independent Appointed 1 August 2021

Jackie Westaway Independent Appointed 1 August 2021

Andy Cole OBE Independent Appointed 1 August 2019

Annet Gamell Independent Appointed 1 August 2019

Karen Satterford Co-opted Appointed 1 August 2020

Justin Sullivan Independent Term ended 31 July 2025

Brian Lewis Independent Appointed 1 August 2023

Marek Pruszewicz Independent Appointed 1 August 2023

Francine Godrich Independent Appointed 1 August 2024

Adam Honor Independent Appointed 1 August 2024

Shaun Crawford Independent Appointed 1 August 2024

Joy Dellah-Gu Co-opted member (student)

University Council Members

Dr Russel Stone Elected Senate Member

Term ended 31 July 2025

Term ended 31 July 2025

Dr Kevin Campbell-Karn Elected Senate Member Term ended 31 May 2025

Peter Robinson Elected Professional Services Employee Term ended 31 August 2025

Ze’ev Portner Academic Staff (elected) Term ended 31 July 2025

Dr Emma Tomsett Clerk to the Council Appointed 1 March 2025.

Amy Pile President, Bucks Students’ Union Term ended 31 June 2025

Jean Marc Amagoua President, Bucks Students’ Union Appointed 1 July 2025

Charlotte Stewart Elected Professional Service Employee Appointed 1 August 2025

Andy Davies Elected Professional Service Employee Appointed 1 August 2025

Matthew Tong Elected Academic Staff Appointed 1 August 2025

University Executive Team

Ended 28 February 2025

Professor Nick Braisby Vice-Chancellor and Chief Executive

Professor Damien Page Deputy Vice-Chancellor

Professor Paul Morgan Pro Vice-Chancellor (Education)

Trevor Gabriele Chief Finance Officer

Ellie Smith University Secretary and Clerk to the Council

Ian Harper Commercial and Business Development Director

University Strategy Group

Effective 1 March 2025

Professor Damien Page Vice-Chancellor and Chief Executive

Professor Paul Morgan Pro Vice-Chancellor (Pedagogy and Practice)

Professor Jermaine Ravalier Pro-Vice Chancellor (Academic)

Professor Sarah Williams Pro Vice-Chancellor (External Collaborations)

Trevor Gabriele

Louise Harvey

Rachael Cornwall

Chief Finance Officer

Chief Impact Officer

Chief People Officer

Jon Lees Academic Registrar

Nicholas Roussel-Milner

Chief Information Officer

Ashley Church Director of Strategy, Transformation and Futures

Legal and Administration

External

Internal

Addresses

University Registered Office:

High Wycombe Campus

Queen Alexandra Road

High Wycombe

Buckinghamshire HP11 2JZ

Telephone: 0330 123 2023

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