ANNUAL REPORT
AND FINANCIAL
STATEMENTS 2023
Annual Report and Financial Statements 2023
INTRODUCTION
We continue to make progress in realising
our University Strategy, Vision for York. In this
Annual Report we reflect on what we achieved
in 2023 during a diicult period for higher
education institutions.
The University – and the sector as a whole
– has faced levels of inflation not seen in
decades, uncertainty in global markets, and an
unsustainable HE funding model, all of which have
added pressure to our financial planning.
Despite the external environment, we remain
a strong institution. We have grown from a
position of strength, with our research quality and
performance, teaching excellence, and student
experience.
As we continue to grow and innovate, our
commitment to public good remains our
motivation and inspiration for everything we do.
Contents
CONTENTS
STRATEGY AND REVIEW 4
Strategic review 5
Development and performance 8
Principal risks and uncertainties 12
Financial review 14
GOVERNANCE 22
Corporate governance 23
Remuneration 30
Statement of responsibilities of the Council 32
ACCOUNTS 34
Independent auditor’s report to the Council
of the University of York 35
Statement of principal accounting policies 40
Consolidated and University statement of
comprehensive income and expenditure 48
Consolidated and University statement of changes in reserves 49
Consolidated and University balance sheets 50
Consolidated cash low statement 51
Notes to the accounts 52
4
Annual Report and Financial Statements 2023
STRATEGY
AND REVIEW
5
Strategy and Review
STRATEGIC REVIEW
Our University Strategy, Vision for York,
focuses on four key aims that inspire
every area of university life.
The key performance indicators on
pages 6 and 7 outline signiicant
achievements in 2023, demonstrating
the progress made in relation to these
strategic aims.
To learn more about our strategy,
visit york.ac.uk/strategy.
10
th
for research quality
in the Times
Higher Education
ranking of the latest
Research Excellence
Framework results
(2021)
£97m
was raised in
research grants
our largest
ever total
1,047
research and
related
applications
were written
and supported
27
th
Sustainable cities
and communities
Times Higher
Education Impact
Rankings 2023
AIM: EDUCATION
THAT EMPOWERS
AIM: CURIOSITYDRIVEN/
ACTIONORIENTED RESEARCH
Strong growth research areas
• creative technologies
• safety of autonomous systems
• the need for sustainable
materials, fuel, food and land
use practices
• support for those aected
by poverty
• mental health and wellbeing
awarded TEF Gold
in Teaching Excellence
Framework (TEF) 2023
10
subjects in the
top three
in the
Russell Group
National Student
Survey 2023
64
CITY College
students graduated from
our Europe Campus in Greece
Programmes lead to
University of York degrees
15
th
The Times and
The Sunday Times
Good University
Guide 2024
6
Annual Report and Financial Statements 2023
AIM: COMMUNITY
WITHOUT LIMITS
6
th
in the UK for
gender equality
Times Higher
Education Impact
Rankings 2022
8
inclusive
impact awards
The EDI Exchange
3 gold
4 silver
14 bronze
Athena Swan
awards recognising
our commitment to
gender equality in
higher education
AIM: LOCAL COMMITMENT
ON A GLOBAL SCALE
26
th
in the world for
sustainability
QS Sustainability
Rankings 2024
204
companies’
development
supported
via Barclays Eagle
Lab accelerator
197
companies engaged
with University
business growth
services
114
entrepreneurs
supported
through a
community-led,
skills development
programme
2
joint innovation
university hubs
launched
at City College and
partner institution
Makerere University
in Uganda
2
community
learning centres
The Place
in Westield, York
and IntoUniversity
centre, East Hull
7
Strategy and Review
University Sustainability Clinic
shortlisted for a
Green Gown award for
Student Engagement
300 students participated
51 partner organisations
8
Annual Report and Financial Statements 2023
DEVELOPMENT AND
PERFORMANCE
Progress towards the four aims of our
University Strategy is demonstrated by
the examples presented on these pages,
which are selected from many remarkable
successes described in the University of York
Annual Review 2023.
CURIOSITYDRIVEN
AND ACTIONORIENTED
RESEARCH
By investing in people and systems
to advance curiosity-driven research
and its action-oriented applications,
we are at the forefront of providing
the evidence base and practice that
are required for communities to
lourish both at home and abroad.
• The Centre for Blood Research at
York was launched. The centre will
combine strengths in discovery-
based science and epidemiology
with clinical practice, to deliver
real impact on haematological
malignancies.
• Sticking plasters and systemic
solutions, a new report from the
Cost of Living research group, was
published. The study underlines our
commitment to using research to
improve lives across the UK.
• Dr Richard Henderson, a Nobel
Prize winner, oicially opened the
University of York’s Eleanor and Guy
Dodson Building. The state-of-the-
art building enables world-leading
research into the molecular structure
of biomolecules.
• The Secretary of State for Science,
Innovation and Technology visited the
Institute for Safe Autonomy to see the
latest technological advancements in
the development of AI and robotics.
• The Sparks initiative will aim to
discover our next great research
innovations. Three projects have so
far been established.
• We joined a partnership with
sustainability investor Greensphere
Capital to launch a £150m fund.
The inancing will be used to
commercialise solutions to the
dual crises of climate change and
biodiversity loss.
• Hull York Medical School launched
a Skin Research Centre on campus.
Research is aimed at improving
skin health globally, leading to
improvements in the diagnosis,
treatment and care for patients.
Outstanding teaching across all
three faculties was rewarded with
TEF Gold
Sta and student volunteers took part in the
Big Community Challenge, which helped to
transform York’s wetlands and riverbanks
11
Strategy and Review
EDUCATION THAT
EMPOWERS
The University of York nurtures
and fulils ambitions and prepares
students for an ever-evolving world.
We design innovative pedagogies and
curricula underpinned by technology,
widen access locally and globally, and
eradicate achievement gaps.
• The Inclusive Learning team won
a national Collaborative Award for
Teaching Excellence (CATE) from
Advance HE.
• 80 students registered for the new
York Interdisciplinary Modules for
the academic year 2023/24.
• A new Department of Architecture
and the Built Environment is being
developed and will open in 2025.
• Designs for the new Student
Centre were submitted for
planning permission and work
started on existing buildings.
• The David Kato College was
oicially opened, with tributes paid
to the human rights defender and
gay rights activist.
• Winners of the Love York Awards
included the Black Access Student
Team, picking up the Liberation
and Leadership Award.
• Our range of free Massive Open
Online Courses (MOOCs) has once
again expanded, with more than
30 now available.
• The University’s Sustainability
Clinic, shortlisted for a Green
Gown award for Student
Engagement, will be credit bearing
from 2023/24.
LOCAL COMMITMENT
ON A GLOBAL SCALE
By promoting collaboration beyond
disciplinary boundaries and with
diverse people and entities from
across society, we combine relevant
expertise and experiences, generate
synergies for lasting beneit, and
expand the reach of our research
and education.
• The Enterprise Works business hub
worked with 126 companies to oer
business services and referred
114 for other University support,
including professional development.
• Two new learning centres were
created in Hull and York to support
children and adults.
• Researchers from Kharkiv and York
will be tackling the many pollution
problems faced by Ukraine as it
battles with war.
• An agreement with O.P. Jindal
Global University in India
will include PhD projects,
academic research partnerships,
and student exchanges.
• The Centre for Health Economics
has forged partnerships aimed
at improving health in Central
America and southern and
eastern Africa.
• More fully-funded scholarships will
now be available to students from
the Middle East.
• Two joint innovation hubs
were launched with CITY
College, Greece, and Makerere
University, Ghana.
COMMUNITY WITHOUT
LIMITS
By establishing an inclusive
environment, removing barriers to
progression for our sta and students,
and creating physical, virtual and
cultural spaces that facilitate rich
exchanges, we transform perceptions
and enable a culture of possibilities
where new knowledge is generated and
everyone can thrive.
• We were shortlisted for University
of the Year in the Times Higher
Education Awards for our work on the
cost of living crisis.
• We were nominated for Knowledge
Exchange/Transfer Initiative of the
Year for Northern Accelerator.
• Almost 40,000 people attended 241
Festival of Ideas in-person and online
events, with 233,000 website views
across 151 countries. At York Theatre
Royal, Michael Morpurgo retold an
abridged version of his bestselling
novel War Horse.
• Our series of open lectures, YorkTalks,
included feeding the world with
crop waste and bugs, single-session
phobia treatments for children, and
limitless clean energy production.
• There were 21 volunteering projects,
1,223 volunteers, and 8,970
hours volunteered by students.
Projects included the protection of
hedgehogs on campus and donating
blankets for palliative care across
York and the UK.
Read more at: features.york.ac.uk/annual-review-2023.
12
PRINCIPAL RISKS
AND UNCERTAINTIES
The University is committed to achieving
its aims as defined in the University
Strategy and associated documents. In
doing so, the University realises that we
will face a variety of risks.
Risk management supports the
University in achieving its aims
and objectives while protecting
its ongoing sustainability. Risk
management seeks to identify,
measure, control and report on any
business risk that will undermine
the achievement of the University‘s
business priorities. By taking a
measured approach to risk taking,
the University ensures that decision-
making and planning are informed
across its units and subsidiaries.
The table on page 13 sets out the
major risks faced by the University
and key mitigating actions. Each
risk is signiicant and not prioritised
above another.
13
Strategy and Review
Corporate risk Main mitigations
IT Security
Compromise of University systems which may result in the loss of services
and loss or exposure of data
y Comprehensive IT security plan
y Training for all sta at induction
y Multi-factor authentication
y Managed device services
y Immutable backup of storage
y Testing resilience to attack
International Student Recruitment
Failure to increase or maintain and diversify international student
recruitment
y Dedicated International Strategy
y Increased engagement in new and emerging markets
y Diversiication of programmes to match market demands
y Further international collaborations and partnerships
Research and Knowledge Exchange
Failure to maintain our global research and knowledge exchange standing
and reputation in a highly dynamic funding and geopolitical environment
y Building Industry Engagement and Income transformational initiative
y Leverage from enhanced REF position
y Improved cost recovery system
y Further diversiication of income streams
y Engaging with inluential bodies
y Appetite to pursue large and impactful research
Health and Safety
Failure to eiciently and eectively manage the risk of harm to people,
property and reputation
y Speciic expertise and location-based safety advisors
y Comprehensive awareness training package for sta
y Audit programme
y Risk assessment application and follow-up
Funding the University Strategy
Risk that operating surplus is insuicient to fund the University strategy and
capital programme
y Use of integrated planning and forecasting to achieve a inancially
sustainable plan accounting for the University Strategy
y Compliance metrics included in process
y Transformational initiatives including income diversiication introduced
y Detailed cost containment measures in place
Student Mental Health and Wellbeing
Failure to provide appropriate mental health and wellbeing provision may
negatively impact our students and their university experience
y Wellbeing strategy
y Wellbeing and resilience workshops
y Resilience hub
y New student app for integrated support network
y Signiicant cost-of-living support
Industrial Action
Potential failure to provide a high quality student experience and
manageable sta workloads during periods of industrial action
y Academic Contingency Group to maintain service to students
y Workload management work group to reduce burdens on sta
y Participation in consultation and negotiations on pay, pensions and
conditions
Workforce Planning
Failure to attract and maintain a high calibre, diverse and lexible workforce
for the future
y Professional Services Delivery workforce planning strategy
y Ongoing Recruitment and Retention project
y Flexible working arrangement policies for all sta
y Suite of learning and development training available to all sta
Estates Plan
The risk that the digital and physical infrastructure is not it for purpose
y Integrated Physical and Digital Infrastructure Plan in implementation
y Smart Campus Working Group to continue digital evolution
y Strategic partnerships for capital builds
y Active response to student feedback on space management
Sustainability
Failure to deliver commitments identiied within the University
Sustainability Plan
y Dedicated Environmental Sustainability unit contributing and
disseminating knowledge and research
y Appointed theme leaders for prioritised UN Sustainable Goals
y Roles on delivery to monitor and progress work
£171m
current asset investments
and cash balance at
31 July 2023
£519m
total income for 2022/23
£97m
research income –
exceptional growth
GROUP PERFORMANCE
The University, excluding Group
subsidiaries, reported a deicit for the
year of £24m (2022: surplus of £14m)
after excluding the USS provision
movement. The deicit has primarily
arisen following lat tuition fee income
for the year, combined with the
impact of high inlation on both sta
costs and other operating expenses.
Although growth in income was
achieved through increased research
activity and other income, this resulted
in associated increases in sta costs
and other operating expenses.
The University subsidiaries delivered
Group income, after excluding
intercompany transactions, of
£23m for the year (2022: £18m).
The subsidiary companies cover a
diverse range of activities, as outlined
in Notes 16 and 17 to the inancial
statements. Growth has been
achieved through increased footfall
and usage of University conference,
sports and retail facilities as recovery
from the Covid pandemic continued,
alongside increased income from
utility supplies, driven by increased
utility prices.
As experienced by the University,
the subsidiaries also saw increased
costs arising from both increased
activity and inlationary increases,
resulting in a reduction of proits to
£5m (2022: £6m), prior to the netting
o of intercompany adjustments on
consolidation.
Joint venture share of proits in the
year increased by £4m as a result
of property revaluations for the
investment properties contained within
the student accommodation LLPs.
14
Annual Report and Financial Statements 2023
FINANCIAL REVIEW
The University has experienced a
challenging year, returning an operating
deficit of £14m (2022: surplus £15m),
before pension and fair value
adjustments. Growth in research and
other income has been tempered by
increases in other operating expenses
and inflationary pressures.
KEY FINANCIAL INDICATORS
/ / change
Total income m m 
Sta Costs as  Income*   
Operating Deicit/Surplus as  Income* -  -
Net Liquidity Days*   -
*excluding USS pension provision movements
Tuition fees
Funding body income
Research income
Other income
Investment and donation income
0 100
2021/22
2020/21
2019/20
2018/19
200 300 400 500
£m
Year
414
376
392
472
2022/23
519
15
Strategy and Review
TOTAL INCOME
Total income increased by £47m to £519m,
representing 10% growth in the year.
Increased income was achieved mainly
through growth in research income (£17m),
alongside smaller increases in residential and
other income, which incurred corresponding
increases in operating costs.
0 50
2020/21
2019/20
2018/19
100 150 200 250
£m
Year
197
189
Full-time home/EU students
Full-time international students
Part-time students
Other teaching contracts
Research training support grants
Short courses
253
2021/22
229
300
256
2022/23
TUITION FEES AND
EDUCATION CONTRACTS
International student numbers decreased in the
year following high recruitment after the Covid
pandemic and relecting changed geopolitical
circumstances. Alongside lat home student
income, this has resulted in marginal growth
of £3m in tuition fees in the year. Growth
in international student numbers remains a
key strategic priority to ensure the inancial
sustainability of the University.
Full-time equivalent (FTE)
10,000
2022/23
12,500
15,000
17,500
20,000
International students
Home students
7,500
5,000
2,500
0
22,500
2018/19 2019/20 2020/21 2021/22
3,410
14,630
52
114
3,940
14,815
61
116
4,570
15,915
84
125
100
125
150
175
200
75
50
25
0
225
25,000 250
International student tuition fees
Home student tuition fees
Tuition fee income £m
18,755
20,485
18,040
£166m
£177m
£209m
6,145
16,090
102
128
22,235
£230m
5,185
15,955
97
129
21,140
£226m
10,000
12,500
15,000
17,500
20,000
7,500
5,000
2,500
0
22,500
Full-time equivalent (FTE)
2021/22
3,410
22,235
1,320
15,040
5,875
Postgraduate research
Postgraduate taught
Undergraduate
18,040
13,510
1,280
3,250
18,755
1,315
13,815
3,625
20,485
1,275
14,565
4,645
2018/19 2019/20 2020/21 2022/23
21,140
1,215
15,275
4,650
16
Annual Report and Financial Statements 2023
STUDENT NUMBERS
BY STUDY LEVEL
The number of undergraduate students
continued to rise in 2022/23 with an additional
235 students. Postgraduate taught student
numbers, both on campus and through distance
learning online, reduced in year by 1,225 to
4,650, resulting in an overall reduction in total
student numbers.
FULLTIME STUDENT NUMBERS
While the ive-year position remains one of
growth across both international and home
students, the total number of students fell
back from 2021/22 levels to 21,140 in 2022/23.
The number of international students within
this igure reduced by 960.
Sta costs (excluding USS pension provision movements)
Operating costs
Depreciation
Interest payable
0 100 200 300 400 500
£m
Year
2019/20
2018/19
2020/21
399
382
429
2021/22
458
2022/23
537
600
0 100 200 300
£m
Year
2021/22
254
238
222
252
2019/20
2018/19
2020/21
2022/23
293
17
Strategy and Review
0 25
2021/22
50 75
£m
Year
80
Research income (excluding capital grants)
Research capital grants
100
2019/20
2018/19
2020/21
86
68
70
80
2022/23
97
RESEARCH INCOME
Total research grants and contracts income
for 2022/23 amounted to £97m, an increase of
21% (£17m) on 2021/22, exceeding the previous
year’s record performance and relecting the
University’s top ten ranking in the Research
Excellence Framework. York continues to
be positioned as a future leader in new and
emerging research projects.
TOTAL COSTS
Total costs (excluding pension provision
movements) increased by £79m to
£537m. Within this igure, sta costs
increased by £39m and operating
costs by £35m, relecting increased
operational costs in line with growth in
other income, plus inlationary pressures.
STAFF COSTS
Sta costs increased by £39m in 2022/23
following a 9% increase in sta numbers. Included
within this igure is the 3% minimum pay uplift
awarded from 1 August 2022, together with a
minimum 2% uplift as part of the 2023/24 award
paid from 1 February 2023 in light of cost-of-
living pressures. Additionally, the University
implemented the proposed rise in the Real
Living Wage early, from January 2023. To
further support sta during the cost-of-living
crisis, a one-o payment of between £500 and
£750 was made to all sta on grades 1 to 8 in
November 2022.
Other sta
Academic sta
Full-time equivalent (FTE)
2,000
3,000
1,000
0
2018/19 2019/20 2020/21
1,798
2,479
1,885
2,601
1,914
2,572
2021/22
2,031
2,672
2022/23
2,170
2,934
18
Annual Report and Financial Statements 2023
NUMBER OF STAFF
Overall sta numbers increased by 9%.
Academic sta increased by 7% (139 FTE), while
support sta increased by 10% (262 FTE).
Contributions
Provision
increase/
decrease
Year end
provision
£m £m £m
/   
/   
/   
/   
/   
UNIVERSITIES
SUPERANNUATION SCHEME
The University is a member of the Universities
Superannuation Scheme (USS). These inancial
statements include employer’s pension
contributions and movements in the pension
provision which represent the University’s share
of the past service deicit. Employer’s pension
contributions increased in line with sta costs
and relect the scheme contribution rates.
The pension provision movement changes
signiicantly each year, inluenced by changes
to interest rates and discount rates. Small
market changes can result in signiicant impacts
due to the size of provision, relative to the
University’s balance sheet.
While the 31 March 2023 triennial valuation
is currently being undertaken, the inancial
statements continue to relect the February
2022 recovery plan until the 2023 valuation is
formally adopted by USS. The 2023 valuation
is expected to return a surplus position for the
USS and as such, USS provision is expected to
substantially reduce in the next 12 months. The
2021/22 increase in provision of £99m relected
the conclusion of the 2020 valuation at which
time the scheme was in signiicant deicit.
£m
0
2021/22
50
100
150
200
194
144
165
192
2018/19 2019/20 2020/21 2022/23
171
£m
0
2021/22
10
20
30
40
29
15
26
37
2018/19 2019/20 2020/21 2022/23
41
50
19
Strategy and Review
CASH AND SHORTTERM
INVESTMENT BALANCE
The University holds cash to fund its capital
programme and provide resilience against inancial
events. The cash and short-term investment balance
at 31 July 2023 amounts to £171m comprising £91m
cash at bank and £80m in short-term investments.
This represents 124 days’ expenditure, compared
with 166 days’ at 31 July 2022. The University targets
cash and short-term investment balances not falling
below 90 days’ net liquidity.
CAPITAL PROGRAMME
The University has incurred £41m of capital
expenditure in the year for projects including
the refurbishment of University student
accommodation (£4.4m), the new University
nursery building (£3.7m) and the new virtual
learning environment (£1.7m). Additional
expenditure has been incurred for the
relocation of the University’s security centre
(£1.5m) and completion of the energy centre
(£11.5m), plus a number of high value equipment
purchases to support the University’s teaching
and research activities.
UNIVERSITY OF YORK
PENSION FUND
The University of York Pension Fund is
a deined beneit pension scheme. The
consolidated statement of income and
expenditure includes the current service cost
and past service cost of members. The pension
provision is calculated in accordance with the
requirements of FRS 102.
The FRS 102 calculation has resulted
in a surplus position reported of £52m
(2021/22: £18m). The surplus is relective of
signiicant increases in discount rates, driven
by increased interest rates.
The University has no plans to recover the
surplus by way of transfer of a capital amount.
20
Annual Report and Financial Statements 2023
INVESTMENTS
The University holds a £7m portfolio
of equities and similar investments to
support University endowments. The
holding reduced in value by £0.3m in
the year (2021/22: £0.6m reduction)
due to decreases in market value.
The Group holds investments in joint
ventures of £35m (2021/22: £30m).
The investments increased by £5m
in the year (2021/22: increase £1m)
arising from increases in the market
value of investment properties held
by certain of the joint ventures.
LOAN NOTES
The University has previously
recognised loan notes of £120m
as basic inancial instruments,
resulting in the loan notes being
recognised at amortised cost.
Certain of the loan notes are subject
to foreign exchange options held
by US investors to protect against
future foreign exchange exposure,
should the University decide in the
future to repay part or all of the debt
early. A review of the loan notes
has concluded that the instruments
should be classiied as non-basic and
recognised at fair value.
The change in recognition
has resulted in a gain of £4.1m
(2022: £62.9m) in relation to
fair value movements being
recognised through the statement
of comprehensive income
and expenditure.
The value of the loan notes in the
balance sheet has reduced from
£120m to £84m (2022: £88m). Please
see Note 33 for details of the prior
year adjustments. The contractual
payments arising from the loan notes
are unchanged.
GOING CONCERN
The going concern status has been
assessed over a period of two years
to July 2025. In addition, ive-year
forecasts are prepared and reviewed
by Council annually, with the latest
forecast being approved in November
2023.
The latest forecast forms the base
case forecast against which going
concern has been reviewed, with
sensitivity analysis performed across
a range of scenarios from realistic
to implausible. The key economic
assumption in the forecast is that
inlation falls over the period to 3.0%
by 2024/25.
The University is forecast to have
signiicant cash reserves throughout
the going concern period, held across
both short-term, easily convertible
current asset investments and cash
balances. As at 31 July 2023 the
University held £80m of short-term
current asset investments alongside
£91m of cash balances. These
reserves are considered suicient to
support the University in conducting
teaching, research and other
activities over the going concern
period, alongside cash resources to
fund future capital projects.
As such, the main risk to going
concern is the University’s ability to
meet loan note covenants.
The scenarios modelled for sensitivity
analysis centred on the impact of
international student recruitment,
alongside reductions in research and
other income, combined with the
impact of pay inlation. The results
of this analysis have been reviewed
against the University’s cashlow
forecasts and covenant compliance,
after considering potential mitigating
actions the University could take.
The results of the analysis are that an
implausible inancial impact would
need to occur before covenants were
breached and the University would
remain inancially sustainable were
a breach to occur. The University
has identiied a further range of
mitigating actions that could be
taken to reduce the impact of any
potential breach, including reductions
in operating expenditure and
reprioritising of capital investment
expectations.
After reviewing and approving the
ive-year forecasts, alongside the
sensitivity analysis performed,
Council is conident that the
University will have suicient funds to
meet its liabilities as they fall due for
a period of at least 12 months from
the date of approval of these inancial
statements. Council therefore
conirms it is appropriate to prepare
the inancial statements on a going
concern basis.
21
Strategy and Review
FUTURE OUTLOOK
The University has had a challenging
year against a backdrop of increasing
costs and persistent inlation, while
the domestic tuition fee has remained
ixed, despite inlationary pressures.
Growth of international student
income has proved challenging in a
volatile international environment.
Looking ahead, the University,
alongside the sector, continues to
face increasing costs and income
erosion through high levels of
inlation. This, combined with
continued volatility in international
student numbers, has led the
University to actively seek to
address its cost base through cost
containment and cost management
measures, alongside a reset of capital
and infrastructure plans in line with
available resources. These measures
aim to ensure funds are available
for digital transformation, carbon
neutrality and estate development
projects.
The University continues to be heavily
reliant on international student
recruitment and this remains a key
focus of the University’s Strategy.
Student numbers have been reviewed
and revised to moderate planned
growth, alongside a lexed cost base.
Our sta remain key to achieving
the University Strategy and
the University is committed to
continuing its investment as a real
living wage employer across all
Group companies, together with
ensuring adequate investment in
transformational initiatives.
At Group level, an increased focus on
both income and proitability growth
for the Group subsidiaries will ensure
these companies continue to be
commercially viable and inancially
sustainable.
Key priorities over the next ive
years are to improve the University’s
operating position to an operating
surplus, while maintaining minimum
net liquidity of 90 days and ensuring
covenant safety margins are
maintained.
Despite continued inlationary
pressures, the University recognises
the need to continue to invest in both
physical and digital infrastructure and
strategic projects, in order to deliver
transformational change.
The University Council and Executive
Board believe that the University
is in a good position to develop
and grow in line with its Strategy
and has suicient funds to provide
resilience against emerging risks and
unexpected inancial events.
22
GOVERNANCE
Annual Report and Financial Statements 2023
23
Governance
CORPORATE GOVERNANCE
The University continues to maintain a
sound system of internal control, which
has been essential during a challenging
period for higher education institutions.
24
Annual Report and Financial Statements 2023
The University is an independent
corporation with charitable status,
established by Royal Charter
(Royal Charter Company Number:
RC000679).
As a provider in receipt of public
funding from the Oice for Students
(OfS) and UK Research and Innovation
(UKRI), the University has due regard
to ensure regularity and propriety
in the use of that public funding.
This includes key inancial controls
that are set out in the University’s
Financial Regulations, Scheme of
Delegated Approvals (SoDA) and
underpinning policies, including in
relation to expenditure and value
for money. The adequacy of these
arrangements is subject to periodic
review via internal and external audit,
and returns submitted to, or auditing
undertaken by, those external funding
and regulatory bodies.
The University’s objects, powers
and framework of governance are
deined in the University’s Charter
and supporting Statutes and
Ordinances. The Council (hereafter
Council), as the University’s
governing body and trustee board,
is committed to promoting eective
practice in all aspects of corporate
governance, principally through its
own arrangements, sub-committees
and the University Executive Board
(UEB) led by the Vice-Chancellor
and President. Council has formally
adopted the core values and six
key elements in the Committee
of University Chairs (CUC) Higher
Education Code of Governance
(HE Code of Governance)
(September 2020).
CORPORATE
GOVERNANCE
STATEMENT
Council is responsible for the
administration of the revenue and
property of the University, and,
in accordance with the Charter,
has “general control over the
University and its aairs, purposes
and functions”. Council also has
overarching responsibility for ensuring
that the University maintains a sound
system of internal control and for
reviewing its eectiveness. Council
remains satisied that the governance
of the University applies the six key
elements of the CUC HE Code. The
comprehensive amendments to
the University Charter and Statutes
were passed by the Privy Council
on 12 October 2022, and took eect
from 03 January 2023, followed by
University Council approval of a new
Ordinances framework.
Council’s annually updated schedule
of business is closely linked to
its formal ‘Statement of Primary
Responsibilities’:
1. To approve the mission, strategic
vision, long-term academic
and business plans and key
performance indicators of
the University.
2. To ensure that processes are in
place to monitor and evaluate the
performance and eectiveness of
the University against the plans
and approved key performance
indicators, which should be
benchmarked against other
comparable institutions.
3. To delegate authority to the
Vice-Chancellor as head of the
University and to establish and
keep under regular review the
policies, procedures and limits
within which such authority
is exercised.
4. To ensure the establishment and
monitoring of systems of control
and accountability, including
inancial and operational controls
and risk assessment.
5. To ensure that an eective
framework is in place to manage
the quality of the student
academic experience and the
maintenance of standards.
6. To establish processes to monitor
and evaluate the performance and
eectiveness of the governing
body itself, with a formal review at
least once every ive years.
7. To conduct its business in
accordance with best practice
in HE corporate governance and
with the principles of public life
drawn up by the Committee on
Standards in Public Life.
8. To safeguard the reputation and
values of the University.
9. To appoint the Vice-Chancellor
(in consultation with the Senate),
put in place suitable arrangements
for monitoring their performance
and set appropriate remuneration
(through the Remuneration
Committee).
10. To appoint a Secretary to the
governing body and to ensure
that, if the person appointed
has managerial responsibilities
in the University, there is an
appropriate separation in the lines
of accountability.
11. To be the accountable inancial
and business authority of the
University, to ensure that proper
accounts are kept, to approve
the annual budget and inancial
statements, and to have overall
responsibility for the University’s
assets, property and estate.
12. To ensure that systems are in place
for meeting all the University’s
legal obligations, including those
arising from contracts and other
legal commitments made in the
University’s name.
25
Governance
13. To receive assurance that
adequate provision has been
made for the general wellbeing
of students.
14. To ensure that any property,
legacy, endowment, bequest or
gift made to the University is used
to support its work.
15. To ensure that the University’s
constitution is followed at all times
and that appropriate advice is
available to enable this to happen.
Building on the 2021/22 Council
Eectiveness Review conducted
with the Halpin Partnership, further
work has taken place in 2022/23 to
Strategic advisory and/or approval Regulatory, policy and report review and/or approval
Chair of Council succession and appointment
Vice-Chancellor and President strategic horizon scanning and impact
analysis
Charter and Statutes review inalisation and Privy Council submission
University Strategy  and transformational initiatives Revised Ordinances Framework adoption
Integrated infrastructure plan  Estates and Digital
Court Review commissioning
OfS accountability returns, e.g. inancial budgets and forecasts, Prevent
Duty annual reporting
Financial risk strategy and management
Academic annual assurance, including research integrity and degree
outcomes statements
Sustainability plan – update Equality, diversity and inclusion annual report /
Corporate risk, risk appetite statement and strategic KPIs Gender pay gap reporting and analysis
Teaching Excellence Framework TEF submission strategic insights Single students’ union formation
enhance the eectiveness of Council.
During the period, programmes of
work to deliver the recommendations
arising from the review have been
delivered, under the regular oversight
of Council.
This includes the strategising
of Council meeting agenda and
business, to add increasing value to
decision-making, and advising the
University Executive Board (UEB) in
its responses to major changes in the
funding, economic, regulatory and
industrial action environment in which
the University operates.
The horizon-scanning capacity of
Council has been further harnessed
in 2022/23, centred on a joint away
day with UEB and four development
sessions covering student
accommodation, an interactive
forum with student and sabbatical
oicers presenting their campaign
portfolios, governmental and OfS
regulatory burden, and generative
Artiicial Intelligence (AI). The irst joint
Council–Senate session on sector
regulation, and academic freedom
and freedom of speech developments
was held in May 2023.
Below is a snapshot of key Council
business considered and/or approved
across its four meetings in 2022/23.
26
Annual Report and Financial Statements 2023
University Council membership 2022/23
NAME POSITIONMEMBERSHIP CATEGORY EXPIRY OF CURRENT TERM
Pro-Chancellors and other senior oice holders
Dr Denise Jagger Pro-Chancellor and Chair of Council July 
Dr Alice Maynard Pro-Chancellor and Chair of Council Designate March 
Mr Philip Carpenter Pro-Chancellor July 
Mr Chris Thompson Pro-Chancellor, Treasurer and senior independent lay member July 
Professor Charlie Jeery Ex-oicio: Vice-Chancellor and President N/A
Professor Saul Tendler Ex-oicio: Deputy Vice-Chancellor and Provost N/A
Professor Ken Badcock Deputy Vice-Chancellor and Provost Designate N/A
Other independent members
Ms Lindsey Fussell Independent member Deputy Treasurer July 
Ms Abisola Barber Independent member May 
Professor Simon Best Independent member October 
Professor Dame Vicki Bruce Independent member January 
Professor John Loughhead Independent member October 
Ms Judith McNicol Independent member October 
Ms Amanda Nevill Independent member October 
Dr Philip Rycroft Independent member February 
Mr David Watson Independent member January 
Academic and Professional Support sta members
Professor Kiran Trehan Pro-Vice-Chancellor nominated by Senate September 
Professor Kieran Gibson Academic sta member nominated by Senate January 
Professor Nicky Milner FBA Academic sta member nominated by Senate July 
Professor Lesley Stewart Academic sta member nominated by Senate July 
Mr Andy Durrant Elected by Professional Support sta December 
Mr Jonny Exon Elected by Professional Support sta November 
Students’ Unions – Sabbatical Oicer representatives
Mr Pierrick Roger President of the Students’ Union June 
Ms Viviane Yuxin Cao President of the Graduate Students’ Association July 
Other senior oicers in permanent attendance
Dr Adam Dawkins University Secretary Secretary to Council
Dr Joss Ivory Chief Operating Oicer
Mr Jeremy Lindley
Finance Director
An annual register of interests is maintained and published for each Council member and co-opted committee member, as well as for all University
Executive Board UEB members. All Council and UEB members are asked annually to self-certify against the OfS ‘it and proper person’ indicators.
1. Several Council members were reappointed during the period 1 August 2022 to 31 July 2023, and this is relected in the ‘current’ term end date.
2. End of inal term of oice as Chair of Council. See footnote 3.
3. Appointed an Independent Council member and Chair Designate on 6 March 2023, assuming Chairship of Council on 1 August 2023.
4. Professor Badcock joined the University on 01 May 2023, and attended Council (i.e. not as a member). He assumed Council membership with eect from August 2023
following Professor Saul Tendler’s retirement.
5. Leave of absence approved from 11 September 2023 to 29 February 2024.
6. Resigned 31 July 2023.
7. Resigned 1 November 2023.
27
Governance
COUNCIL
SUBCOMMITTEES
As an outcome of the Halpin Review
of Council Eectiveness (2021), the
corporate governance committee
system was reconigured, including:
disbandment of the Ethics Framework
Governance Committee, merger of the
Nominations and Honorary Associations
Committees, and migration of Student
Life Committee to singularly report
to the Senate. The Equality, Diversity
and Inclusion Committee and Health,
Safety and Welfare Committee migrated
from Council to UEB, to provide clear
executive oversight and assurance
in these key areas upwards into
Council sub-committees and ultimately
to Council.
Senate (Chair: Vice-Chancellor and
President, Professor Charlie Jeery)
sits at the apex of the academic
governance of the University; it
oversees and regulates the academic
work of the University in both teaching
and research, and approves policy,
regulation and procedures governing
this activity. The Senate is responsible
for providing assurance to Council
in relation to academic quality and
standards, the student academic
experience and outcomes. The
recommendations arising from the
2021/22 Senate Eectiveness Review
were adopted by Senate at its July 2022
meeting and have been implemented in
2022/23. This includes major revisions
to Senate’s membership, including
a reduction in senior academic sta
representation (Heads of Department)
and increases in student member and
sta equality network representation.
Senate’s agendas have become more
strategically and horizon-scanning-
focused, with greater balance across
the Pro-Vice-Chancellors’ portfolios,
and clearer delegation of more
routine and/or specialist matters to
Senate sub-committees. A review of
Senate sub-committee eectiveness
spun out of the 2021/22 review, the
recommendations from which were
adopted at Senate’s May 2023 meeting.
Constitution and Nominations
Committee (Chair: Chair of Council
and Pro-Chancellor, Dr Denise Jagger)
merged two former committees:
Honorary Associations Committee
and Nominations Committee. It
has met three times in 2022/23,
with other decisions transacted by
written resolution, and has discussed
a range of constitutional matters
relating to Council and Court and
committee membership, including
equality, diversity and inclusion
objectives; Chair and Chancellor
succession; the Charter, Statutes
and Ordinances Framework;
oversight of the Court Review; and
honorary degree nominations.
Audit and Risk Committee (Chair:
independent Council member, David
Watson) comprises independent
Council members (including one co-
opted member who is not a Council
member) and meets ive times per
year. The internal and external auditors
are invited to each meeting of the
Committee. Senior oicers are in
attendance at each meeting (i.e. not as
members): the Treasurer, the Deputy
Vice-Chancellor and Provost, the Chief
Operating Oicer, the Finance Director,
the Director of Strategic Planning and
performance (and formerly the Director
of Planning and Risk), the University
Secretary. The Committee continued
to embed the agreed outcomes of its
2021/22 Eectiveness Review, which
included an extension of its remit to
review Health and Safety and Prevent
Duty matters on behalf of Council,
and strengthened periodic assurance
reporting on thematic compliance
areas. The Committee received
strengthened assurance around all
aspects of corporate risk at each of its
meetings, and recommended a Risk
Appetite Statement and methodology
for Council approval. At its joint annual
meeting with the Finance Committee,
the Audit and Risk Committee
reviewed the 2022/23 Annual Report
and Financial Statements, including
the University’s response to the
external auditors’ annual management
letter. Advised by the University’s
internal auditors, the Committee
also reviews the eectiveness of the
system of internal control, and has
ongoing oversight of the review of
the University’s risk management
arrangements, taking assurance that
arrangements are in place to promote
value for money and data quality.
Remuneration Committee (Chair: a
Pro-Chancellor other than the Chair of
Council, Philip Carpenter) determines
the remuneration of the University’s
most senior sta, including the Vice-
Chancellor (who is not a member of the
Committee) and his direct reports. The
Committee continues to strengthen its
arrangements to ensure consistency
with The Higher Education Senior Sta
Remuneration Code published by
the CUC (revised in 2021). In 2022/23
it strengthened the assurance it has
sought around senior remuneration in
the context of the wider workforce pay
and reward structure, pensions and
industrial relations, and considered
reports on the University’s gender pay
gap and equal pay review initiatives.
Finance Committee (Chair: University
Treasurer, Chris Thompson) considers
the inancial implications of the
University’s strategic plans as well as
the annual budget and the medium-
term inancial forecast. It also reviews
the University’s borrowing strategy and
the inancial aspects of any projects
deemed to have signiicant budgetary
implications, and in 2022/23 signed o
a range of policy matters.
The Urgent Decisions Group (UDG)
had no requirement to meet in
2022/23.
28
Annual Report and Financial Statements 2023
STATEMENT OF
INTERNAL CONTROL
The Statement of Internal Control
covers the period 01 August 2022 to 31
July 2023 and up to the approval of the
inancial statements.
Council is of the opinion that a
sound system of internal control has
been maintained in the University in
2022/23. Council is responsible for
maintaining a sound system of internal
control that supports the achievement
of the University’s policies, aims
and objectives, while safeguarding
public and other funds and assets
for which it is responsible. Council’s
internal control oversight is achieved
through several means, including
clear delegation of authority through
the wider SoDA across the entire
committee and senior management
substructure. Central to this is
delegation of detailed oversight of
the adequacy of the internal control
environment to the Audit and Risk
Committee (ARC). This is satisied
through Council consideration of
reports and assurance from ARC at
each of its meetings, and ARC’s annual
report and opinion on the adequacy of
arrangements for governance, internal
control, data quality and value for
money. Council also receives a range
of compliance reports and opinions,
including through twice-yearly
corporate risk management reporting,
reports from key oicers including the
Finance Director (who is executive lead
for external and internal auditor liaison)
and University Secretary, as well as
sign-o of key regulatory returns as
required by the OfS and other bodies.
As demonstrated through delegation,
the system of internal control is risk-
based, and designed to manage rather
than eliminate the risk of failure to
1 The role-holder left the University at the end of July 2023. A Director of Strategic Planning and Performance has been appointed, and their role
includes oversight of the corporate risk management portfolio.
achieve policies, aims and objectives;
providing reasonable rather than
absolute assurance. The University’s
internal control environment comprises
the policies and procedures in place
to ensure statutory compliance with
the full range of obligations required
of the University and speciically in
relation to the prevention and detection
of corruption, fraud, bribery and
other irregularities.
A core aspect of the University’s
internal control arrangements is the
engagement of PwC to deliver an
internal audit function. The audit work
carried out for the year ended 31 July
2023 comprised a 200-day risk-based
programme, based on 12 internal
audits. There have been several in-year
adjustments to the 2022/23 plan, to
relect new and emerging priorities
in the internal control environment.
Alongside the internal audit control
function, the University appoints a irm
of external auditors whose primary role
is to report on the University’s inancial
statements, underlying records and
control systems, to reach their opinion
on the statements and report on the
appropriate use of University funds, as
disclosed in this document. In 2022/23,
under the auspices of the Finance
Director and Audit and Risk Committee,
a successful competitive tender was
launched to appoint external auditors.
The eectiveness of the system of
internal control is regularly reviewed
by Council and accords with the
internal control guidance for directors
in the Combined Code as deemed
appropriate for higher education.
It is informed also by an externally-
appointed internal audit team, which
complies with the professional
standards of the Chartered Institute
of Internal Auditors. Internal Audit
coordinate their work appropriately
with the external auditors and other
assurance providers, to help improve
the University’s internal controls
and support the delivery of value for
money. Both senior management and
the Audit and Risk Committee have
also reviewed the performance of
Internal Audit and are satisied with it.
Financial internal control systems,
as well as those for legal and
governance-related approvals, have
been fully retained as hybrid oice-
based and remote working became
the norm. Council is of the view
that an appropriate framework for
identifying, evaluating and managing
the University’s signiicant risks has
been in place for the year ended 31 July
2023, and up to the date of approval
of the Annual Report and Financial
Statements. In 2022/23, the risk
management framework review has
continued to be embedded under the
leadership of the Director of Planning
of Risk, who is also a member of UEB.
1
Signiicant progress has been made
under the auspices of UEB’s Risk
Review Group (RRG), UEB’s ownership
of risk, and ARC’s assurance testing
on the eectiveness of the framework
for managing corporate risk. Key work
includes new metrics for corporate
risk execution and resource gaps;
considering the impact of increasing
and decreasing target risks; analysis
of internal and external risk assurance;
and developing a ‘deep dive’
protocol and programme for ongoing
implementation in 2023/24.
Signiicant work to adopt a Risk
Appetite Statement and underpinning
methodology has taken place in
2022/23 with a Statement approved by
Council in 2023.
Council is of the view for the period to
the end of the 2022/23 inancial year,
and up to the approval and signing of
the annual inancial statements, that:
29
Governance
• a sound system of internal control is
in place
• University management has a
clear understanding of the risk
environment in which the University
operates and is taking appropriate
mitigating actions where possible.
On behalf of Council, and having
considered reports, recommendations
and reviews on the eectiveness of
the University’s arrangements for risk
management, internal control and
governance for the inancial year
2022/23, the Audit and Risk Committee
has satisied itself that the systems
and controls are eective, including
for public funding received from the
OfS, UKRI, Research England and other
funding public bodies.
The Audit and Risk Committee satisies
itself via reports on behalf of the Vice-
Chancellor at each of its meetings at
which any material non-compliance,
irregularity and impropriety in the use
of public funding received would be
raised. The Committee also receives
an annual report on data quality at
its September meeting, to provide
assurance from senior management
that there are adequate arrangements
in place during the reporting period to
eectively manage risk in relation to
data quality of statutory data returns
submitted on behalf of the University
to a range of regulatory bodies, which
is a key means of assurance around
compliance with public funding.
In its 2022/23 Annual Report, the
Committee reconirmed its view on
the adequacy of data focused on
assurance around high-risk returns with
funding or reputational implications,
and that various regulators’ validation
standards had been met and there
were no reported issues with the data
submitted and no material adjustments
or corrections for accuracy required.
Also, recruitment of a Strategic Insight
and Analysis Manager with speciic
authority for statutory returns provided
an important internal control.
Internal Audit select a data return for
assessment each year as part of its
annual plan, which in 2022/23 reviewed
controls in place for completion of
the Higher Education Business and
Community Interaction Survey (HE-BCI),
which partly informs Research England
funding (under the UKRI umbrella)
allocation of the Higher Education
Innovation Fund (HEIF). The indings
for this audit were reported to the
Committee and classiied as low risk.
Compliance by the University with OfS
ongoing conditions of funding is the
executive responsibility of the Finance
Director, noting that completion,
OfS validation and sign-o of the
Annual Financial Return (AFR) forms
the principal annual evidence of the
University’s compliance with ongoing
OfS conditions of funding.
There have been no signiicant internal
control weaknesses, or material adverse
events as deined in the OfS terms
and conditions of funding, during the
reporting period, or up to the point
of approval.
PUBLIC BENEFIT
STATEMENT
The University of York is an exempt
charity under the terms of Schedule
3 of the Charities Act 2011 and is
regulated by the OfS as ‘principal
regulator’ for this purpose. During
the reporting period, Council, as the
trustee board of the University, has had
regard to the Charity Commission’s
guidance on public beneit and is of
the view that the University’s charitable
purposes are delivered for the public
beneit, as required by the Charities Act
2011, Regulatory Advice Note 5 of the
OfS and Charity Commission guidance.
The University delivers public beneit
principally through the charitable
purpose of the ‘advancement of
education’ through teaching of
undergraduate and postgraduate
students, outreach activities such
as public lectures and the York
Festival of Ideas, and partnerships
such as with Karazin Kharkiv National
University in Ukraine.
The primary beneiciaries of delivering
the University’s charitable purposes are
the students who are directly engaged
in learning at the University. Students
are oered places solely on the basis
of academic merit. The University
attracts large numbers of students
from non-traditional backgrounds
and is committed to supporting
students inancially on the basis of
need. It provides an extensive range of
bursaries and scholarships, as well as
a inancial hardship fund for students,
which has continued in the two years
following the Covid-19 pandemic
period and in response to the ongoing
cost-of-living challenges.
The University supports a spectrum
of charitable purposes through its
research. Other beneiciaries include
companies, public bodies and
charities which employ York graduates;
members of the local community
who make use of University facilities,
participate in continuing education
courses and attend lectures, concerts
and other events; and the wider public,
which beneits from the University’s
world-leading contribution to research
in the sciences, social sciences
and humanities.
30
Annual Report and Financial Statements 2023
REMUNERATION
This report outlines the responsibilities
of the Remuneration Committee
and the approach used to determine
remuneration of senior University sta.
The University of York is required to
comply with Element III (Transparency
and accountability) of The Higher
Education Senior Sta Remuneration
Code published by the Committee
of University Chairs (CUC) in
November 2021.
The University does this through
its Remuneration Committee
which is a formal sub-committee
of the University Council. The
Committee has a Remuneration
Governance Framework that deines
accountabilities for decisions on
senior remuneration. In particular, the
Remuneration Committee oversees all
decisions relating to individuals where
remuneration is over £100,000.
Remuneration Committee members
are appointed by Council and the
Chair of Council is a member of the
Remuneration Committee. A full list
of members can be found on our
Remuneration Committee web page
at: york.ac.uk/remuneration.
The Vice-Chancellor and President is
not a member of the Remuneration
Committee and is not present when
his remuneration, including salary and
other beneits, is being considered
or decided upon. However, he and
other individuals such as the Deputy
Vice-Chancellor and Provost may be
invited to attend for part of a meeting,
as appropriate.
The Director of Human Resources
attends Remuneration Committee
meetings to present papers that
provide guidance and context to
the committee.
ROLE OF THE
REMUNERATION
COMMITTEE
The Committee is responsible for
overseeing all pay decisions for senior
sta and making decisions where
remuneration is over £100,000. It
determines the speciic remuneration
of the following senior post-holders
within the University:
• Vice-Chancellor and President
• Deputy Vice-Chancellor and
Provost
• Chief Operating Oicer
• Finance Director
• Pro-Vice-Chancellor Research
• Pro-Vice-Chancellor Teaching,
Learning and Students
• Pro-Vice-Chancellor Partnerships
and Engagement
• Pro-Vice-Chancellor Global
Strategy (ixed-term post until
April 2027)
• Dean of the Faculty of Arts and
Humanities
• Dean of the Faculty of Sciences
• Dean of the Faculty of Social
Sciences
In addition, the Committee reviews
equality and diversity issues,
allowances and expenses reimbursed
for senior sta.
The Remuneration Committee met
twice during the year 2022/23.
In November 2022, it focused on
making decisions on appropriate pay
levels for each senior post-holder.
While the outcomes of national pay
negotiations are not automatically
implemented for senior posts, the
Remuneration Committee seeks to
31
Governance
achieve parity by giving consideration
to the increase given to other
university sta via the national
pay negotiations and incremental
pay. In May 2023, the Committee
considered the budget for senior post
remuneration for the new inancial
year and the context in which to set
pay decisions.
Outside these meetings, Committee
members were asked to approve
decisions on recruitment, retention
and severance proposals for
individuals remunerated above
£100,000. These decisions are
made giving careful consideration
to the context in which the University
is operating.
The University of York is a member
of the Russell Group of leading
universities within the UK. Russell
Group universities are committed to
world-class research and education
which will create a dynamic economy,
stronger communities and a better
future for the UK.
The University had 21,140 students on
its programmes during 2022/23 and
employs approximately 5,100 sta,
making it a major contributor and
employer for the local area.
VICECHANCELLOR’S
PAY
The Vice-Chancellor’s remuneration
package relects the level of
responsibility and skills required to
maintain the reputation of a dynamic
institution such as the University of
York and is commensurate with the
leadership strengths required to
sustainably guide the University to
achieve its Strategy.
The following table shows
the relationship between the
remuneration of the Vice-Chancellor
and President (£296,506.70) and
the median value for all other sta
at the University (£30,783.75 basic,
£32,979.51 total remuneration).
/ /
Basic salary  
Total remuneration  
Total remuneration includes
allowances for additional
responsibilities, market supplements,
awards and shift premiums. Professor
Jeery does not receive any
additional allowances.
The Remuneration Committee
receives assurance and information
on a Chair of Council-led
assessment of the Vice-Chancellor
and President’s performance
against their agreed objectives
for 2022/23, which leads to a pay
recommendation for Remuneration
Committee consideration.
Analysis of data from the CUC Vice-
Chancellor remuneration survey
conducted in January 2023 was
presented to the Remuneration
Committee. This showed that
Professor Jerey’s salary is in the
lower quartile compared to other
Russell Group universities.
In 2022/23, Professor Jeery was
oered a pay award of 5.3 per cent,
but to maintain alignment with sta
across the University, he opted to
reduce this to the sector baseline
award of 3 per cent. The proposed
percentage pay increase for the Vice-
Chancellor and President relects
a period of exceptionally strong
leadership. This includes major
achievements such as the University’s
ranking of 10th nationally in the
Research Excellence Framework
2021 according to the Times Higher
Education rankings, ongoing
increases in research grant income
to almost £100m per annum, success
in the National Student Survey
particularly around areas of academic
support, continued investment in
capital and digital initiatives, and the
strength of the University’s response
to the cost-of-living crisis.
The University is an accredited Living
Wage employer. Implementing the
increase published in September
2022 required changes to the grade
structure, giving an increase in pay to
approximately 2,000 employees.
SOURCES OF MARKET
INFORMATION
The Remuneration Committee
receives information from the
following sources to support
remuneration decisions for senior
members of sta:
• the Korn Ferry Hay Russell Group
Pay Survey which compares
remuneration data for the
institutions that participate in
the survey
• the Universities and Colleges
Employers Association’s Senior
Sta Remuneration Survey
• internal analysis of pay relativities
and gender pay considerations
• the CUC Vice-Chancellor
remuneration survey
• expert searches which may
be commissioned to support
recruitment to speciic roles.
32
Annual Report and Financial Statements 2023
OTHER
REMUNERATION
INFORMATION
Bonus
The University of York does not
operate a performance-related
bonus scheme for any sta, other
than administering awards made
under the NHS scheme for some
senior clinicians and for sta in some
of the University subsidiaries.
A one-o payment of £750 was made
to sta in grades 1 to 5 and £500 for
sta in grades 6 to 8 in recognition
of the cost-of-living situation. No
payment was made to sta above the
National Framework, including senior
post-holders.
Grading
The University operates a grading
system for all sta at the University;
the grading for senior post-holders is
underpinned by the Korn Ferry Hay
job evaluation methodology.
Pension
Senior post-holders have access to
the same employer pension scheme
as other employees who are grade 6
and higher, namely the Universities
Superannuation Scheme and, if
relevant, the NHS Pension Scheme.
EXPENSES POLICY
The University has a stated expenses
policy that applies to all sta
including senior post-holders and
lay members of Council. Details of
expenses claimed by senior post-
holders and other members of
the University Executive Board are
provided on the University website.
STATEMENT OF
RESPONSIBILITIES
OF THE COUNCIL
law, the Council must not approve
the inancial statements unless it is
satisied that they give a true and
fair view of the state of aairs of
the University and the Group of the
surplus or deicit, gains and losses,
changes in reserves and cash lows
of the University and the Group for
that year.
In preparing the inancial statements,
the Council is required to:
• select suitable accounting policies
and then apply them consistently;
• make judgements and accounting
estimates that are reasonable and
prudent; and
• state whether applicable UK
accounting standards have been
followed, subject to any material
departures disclosed and explained
in the inancial statements.
The Council is responsible for keeping
adequate accounting records that
are suicient to show and explain the
University’s transactions and disclose
with reasonable accuracy at any time
the inancial position of the University
and enable it to ensure that the
inancial statements comply with the
OfS Terms and conditions of funding
for higher education institutions
(issued July 2022), the Statement of
Recommended Practice – Accounting
for Further and Higher Education
2019 (issued October 2018 and any
subsequent amendments), the OfS
Accounts Direction (issued October
2019) and the Companies Act 2006.
In accordance with the University’s
Memorandum and Articles
of Association, the Council is
responsible for the administration
and management of the aairs of the
University and is required to present
audited inancial statements for each
inancial year.
The Council (the Members of which
are also the directors of the University
for the purposes of company law)
is responsible for preparing the
Strategic Report and the inancial
statements in accordance with
applicable law and regulations.
Company law requires the Council to
prepare inancial statements for each
inancial year. Under that law, the
Council is required to prepare the
inancial statements in accordance
with United Kingdom Generally
Accepted Accounting Practice
(United Kingdom Accounting
Standards and applicable law)
including FRS 102 The Financial
Reporting Standard applicable in
the UK and Republic of Ireland. In
addition, the Council is required to
prepare the inancial statements
in accordance with the Oice for
Student (‘OfS’) Accounts Direction
(issued October 2019), the OfS Terms
and conditions of funding for higher
education institutions (issued July
2022) and the terms and conditions
of the funding agreement with UK
Research and Innovation (including
Research England) through its
accountable oicer. Under company
33
Governance
It is also responsible for safeguarding
the assets of the University and hence
for taking reasonable steps for the
prevention and detection of fraud and
other irregularities.
The members of Council have taken
reasonable steps to:
• ensure that funds from the OfS,
Research England and other funding
bodies are used only for the proper
purposes for which they have been
given and seek to achieve value for
money in accordance with the OfS
Terms and conditions of funding
for higher education institutions
(issued July 2022) and the funding
agreement with UK Research and
Innovation (including Research
England), and any other conditions
which the funding body may from
time to time prescribe;
• ensure that the University has a
robust and comprehensive system
of risk management, control and
corporate governance, which
includes the prevention and
detection of corruption, fraud,
bribery and irregularities;
• ensure that there is regular, reliable,
timely and adequate information to
monitor performance and track the
use of public funds;
• plan and manage the University’s
activities to remain sustainable and
inancially viable;
• ensure that it informs the OfS
of any material change in its
circumstances, including any
signiicant developments that could
impact on the mutual interests of
the University and the OfS;
• ensure that there are adequate
and eective arrangements for the
management and quality assurance
of data submitted to HESA, the
Student Loans Company, the
OfS, Research England and other
funding or regulatory bodies;
• ensure an eective framework –
overseen by the University’s senate,
academic board or equivalent – to
manage the quality of learning and
teaching and to maintain academic
standards; and
• consider and act on the OfS’
assessment of the University’s risks
speciically in relation to these
funding purposes.
The Council is responsible for the
maintenance and integrity of the
corporate and inancial information
included on the University’s website.
Legislation in the United Kingdom
governing the preparation and
dissemination of inancial statements
may dier from legislation in other
jurisdictions.
The Council conirms that:
• so far as each member is aware,
there is no relevant audit information
of which the University’s auditor is
unaware; and
• the members have taken all the
steps that they ought to have
taken in order to make themselves
aware of any relevant audit
information and to establish that
the University’s auditor is aware of
that information.
Approved on behalf of the Council by:
Dr Alice Maynard, Chair of Council
17 January 2024
ACCOUNTS
34
Annual Report and Financial Statements 2023
35
Accounts
INDEPENDENT AUDITOR’S
REPORT TO THE COUNCIL OF
THE UNIVERSITY OF YORK
OPINION
We have audited the inancial
statements of University of York
(the ‘parent University’) and its
subsidiaries (the ‘Group’) for the year
ended 31 July 2023, which comprise
the consolidated and University
statement of comprehensive income
and expenditure, consolidated and
University statement of changes in
reserves, consolidated and University
balance sheets, consolidated cash low
statement and notes to the inancial
statements, including a summary of
signiicant accounting policies. The
inancial reporting framework that has
been applied in their preparation is
applicable law and United Kingdom
Accounting Standards including
Financial Reporting Standard 102
The Financial Reporting Standard
applicable in the UK and Republic of
Ireland (United Kingdom Generally
Accepted Accounting Practice).
In our opinion, the inancial statements:
• give a true and fair view of the
state of the Group’s and the parent
University’s aairs as at 31 July 2023
and of the Group’s and the parent
University’s income and expenditure,
gains and losses, changes in reserves
and of the Group’s cash lows for the
year then ended; and
• have been properly prepared in
accordance with United Kingdom
Generally Accepted Accounting
Practice.
BASIS FOR OPINION
We conducted our audit in
accordance with International
Standards on Auditing (UK)
(ISAs (UK)) and applicable law.
Our responsibilities under those
standards are further described in
the Auditor’s responsibilities for the
audit of the inancial statements
section of our report on page 37. We
are independent of the Group and
the parent University in accordance
with the ethical requirements that are
relevant to our audit of the inancial
statements in the UK, including
the FRC’s Ethical Standard, and
we have fulilled our other ethical
responsibilities in accordance with
these requirements. We believe that
the audit evidence we have obtained
is suicient and appropriate to
provide a basis for our opinion.
CONCLUSIONS
RELATING TO
GOING CONCERN
We are responsible for concluding on
the appropriateness of the Council’s
use of the going concern basis
of accounting and, based on the
audit evidence obtained, whether a
material uncertainty exists related to
events or conditions that may cast
signiicant doubt on the Group’s
and the parent University’s ability to
continue as a going concern. If we
conclude that a material uncertainty
exists, we are required to draw
attention in our report to the related
disclosures in the inancial statements
or, if such disclosures are inadequate,
to modify the auditor’s opinion. Our
conclusions are based on the audit
evidence obtained up to the date of
our report. However, future events
or conditions may cause the Group
or the parent University to cease to
continue as a going concern.
In our evaluation of the Council’s
conclusions, we considered the
inherent risks associated with the
Group’s and the parent University’s
business model including eects
arising from macro-economic
uncertainties such as the cost-of-
living crisis and ongoing industrial
action of teaching unions, and
we assessed and challenged the
reasonableness of estimates made
by the Council and the related
disclosures and analysed how those
risks might aect the Group’s and the
parent University’s inancial resources
or ability to continue operations over
the going concern period.
In auditing the inancial statements,
we have concluded that the Council’s
use of the going concern basis of
accounting in the preparation of the
inancial statements is appropriate.
36
Annual Report and Financial Statements 2023
Based on the work we have
performed, we have not identiied
any material uncertainties relating to
events or conditions that, individually
or collectively, may cast signiicant
doubt on the Group’s and the parent
University’s ability to continue as
a going concern for a period of at
least twelve months from when the
inancial statements are authorised
for issue.
Our responsibilities and the
responsibilities of the Council
with respect to going concern are
described in the relevant sections of
this report.
OTHER INFORMATION
The other information comprises
the information included in the
annual report other than the inancial
statements and our auditor’s report
thereon. The Council is responsible
for the other information contained
within the annual report. Our opinion
on the inancial statements does
not cover the other information
and, except to the extent otherwise
explicitly stated in our report, we do
not express any form of assurance
conclusion thereon.
Our responsibility is to read the
other information and, in doing
so, consider whether the other
information is materially inconsistent
with the inancial statements or
our knowledge obtained in the
audit or otherwise appears to be
materially misstated. If we identify
such material inconsistencies or
apparent material misstatements, we
are required to determine whether
there is a material misstatement in
the inancial statements themselves.
If, based on the work we have
performed, we conclude that there is
a material misstatement of this other
information, we are required to report
that fact.
We have nothing to report in this
regard.
REPORT ON
OTHER LEGAL
AND REGULATORY
REQUIREMENTS
We are required to give our opinion
on other matters prescribed by
the Oice for Students Accounts
Direction (issued October 2019)
(‘the OfS Accounts Direction’).
In our opinion, in all material respects:
• funds from whatever source
administered by the parent
University for speciic purposes
have been properly applied to
those purposes and managed
in accordance with the relevant
legislation;
• funds provided by the OfS, UK
Research and Innovation (including
Research England), the Education
and Skills Funding Agency and the
Department for Education have
been applied in accordance with
relevant terms and conditions; and
• the requirements of the OfS
Accounts direction have been met.
MATTERS ON WHICH
WE ARE REQUIRED TO
REPORT BY EXCEPTION
• We have nothing to report in
respect of the following matters
where the OfS Accounts direction
requires us to report to you where:
• the parent University’s grant and
fee income, as disclosed in the
note to the accounts, has been
materially misstated; or
• the parent University’s expenditure
on access and participation
activities for the inancial year has
been materially misstated.
RESPONSIBILITIES
OF COUNCIL
As explained more fully in the
Statement of responsibilities of
the Council set out on page 32,
the Council is responsible for the
preparation of the inancial statements
and for being satisied that they give a
true and fair view, and for such internal
control as the Council determines is
necessary to enable the preparation of
inancial statements that are free from
material misstatement, whether due to
fraud or error.
In preparing the inancial statements,
the Council is responsible for
assessing the Group’s and the parent
University’s ability to continue as
a going concern, disclosing, as
applicable, matters related to going
concern and using the going concern
basis of accounting unless the
Council either intends to liquidate the
Group or the parent University or to
cease operations, or has no realistic
alternative but to do so.
37
Accounts
AUDITOR’S
RESPONSIBILITIES
FOR THE AUDIT OF
THE FINANCIAL
STATEMENTS
Our objectives are to obtain
reasonable assurance about whether
the inancial statements as a whole
are free from material misstatement,
whether due to fraud or error, and to
issue an auditor’s report that includes
our opinion. Reasonable assurance is
a high level of assurance, but is not a
guarantee that an audit conducted in
accordance with ISAs (UK) will always
detect a material misstatement when
it exists.
Misstatements can arise from fraud
or error and are considered material
if, individually or in the aggregate,
they could reasonably be expected
to inluence the economic decisions
of users taken on the basis of these
inancial statements.
Irregularities, including fraud, are
instances of non-compliance with
laws and regulations. The extent to
which our procedures are capable
of detecting irregularities, including
fraud, is detailed below.
• We obtained an understanding of
the legal and regulatory frameworks
that are applicable to the Group
and parent University, and the
sector in which it operates. We
determined that the following
laws and regulations were most
signiicant:
• inancial reporting legislation
(FEHE SORP 2019, United Kingdom
Generally Accepted Accounting
Practice, including Financial
Reporting Standard 102 and the OfS
Accounts Direction (October 2019));
· regulatory environment (including
the OfS framework and relevant
OfS regulatory notices);
· legal framework and the Royal
Charter and its supporting
Statutes;
· Research England Terms and
Condition of Funding; and
· The Higher Education Code of
Governance published by the CUC.
The engagement team remained alert
to any indications of fraud and non-
compliance with laws and regulations
throughout the audit.
• We understood how the Group and
parent University are complying
with these legal and regulatory
frameworks by making inquiries of
management, internal audit, and
those charged with governance.
We enquired of management and
those charged with governance
whether there were any instances
of non-compliance with laws
and regulations, or whether they
had any knowledge of actual or
suspected fraud. We corroborated
the results of our enquiries through
our review of board minutes and
papers provided to the Audit
Committee, and through our legal
and professional expenses review.
• To assess the potential risks of
material misstatement, including
how a fraud might occur, we
obtained an understanding of:
· the Group and parent University’s
operations, including the
nature of its sources of income,
expected inancial statement
disclosures and risks that
may result in risk of material
misstatement; and
· the Group and parent University’s
control environment, including
the adequacy of procedures for
authorisation of transactions.
· We assessed the susceptibility of
the Group and parent University’s
inancial statements to material
misstatement, including how
fraud might occur. Audit
procedures perform by the
engagement team included:
· evaluating the processes and
controls established to address
the risks related to irregularities
and fraud;
· testing manual journal entries,
in particular journal entries
relating to management
estimates and entries
determined to be large or
relating to unusual transactions;
· challenging assumptions
and judgements made by
management in its signiicant
accounting estimates;
· identifying and testing related
party transactions; and
· completion of audit
procedures to conclude on the
compliance of disclosures in
the inancial statements with
applicable inancial reporting
requirements.
38
Annual Report and Financial Statements 2023
• These audit procedures were
designed to provide reasonable
assurance that the inancial
statements were free from fraud
or error. The risk of not detecting
a material misstatement due to
fraud is higher than the risk of
not detecting one resulting from
error and detecting irregularities
that result from fraud is inherently
more diicult than detecting those
that result from error, as fraud
may involve collusion, deliberate
concealment, forgery or intentional
misrepresentations. Also, the
further removed non-compliance
with laws and regulations is from
events and transactions relected
in the inancial statements, the less
likely we would become aware of it.
• We assessed the appropriateness
of the collective competence and
capabilities of the engagement
team, including consideration
of the engagement team’s
knowledge and understanding of
the industry in which the Group
and parent University operates in,
its understanding of, and practical
experience with audit engagements
of a similar nature and complexity
through appropriate training and
participation; and
• In assessing the potential risks of
material misstatement, we obtained
an understanding of:
· the rules and interpretative
guidance issued by the Financial
Conduct Authority;
· the Group and parent University’s
control environment, including
the policies and procedures
implemented to comply with the
requirements of its regulator,
including the adequacy of the
training to inform sta of the
relevant legislation, rules and
other regulations of the regulator,
the adequacy of procedures for
authorisation of transactions,
internal review procedures
over the parent University
and Group’s compliance with
regulatory requirements, the
authority of, and resources
available to the compliance
oicer and procedures to
ensure that possible breaches of
requirements are appropriately
investigated and reported.
• We communicated relevant laws
and regulations and potential
fraud risks to all engagement
team members, and remained
alert to any indications of fraud,
or non-compliance with laws and
regulations throughout the audit.
A further description of our
responsibilities for the audit of the
inancial statements is located on the
Financial Reporting Council’s website
at: frc.org.uk/auditorsresponsibilities.
This description forms part of our
auditor’s report.
USE OF OUR REPORT
This report is made solely to the
University’s Council, as a body, in
accordance with paragraph 15 of
the University’s Charter. Our audit
work has been undertaken so that we
might state to the University’s Council
those matters we are required to state
to them in an auditor’s report and for
no other purpose. To the fullest extent
permitted by law, we do not accept
or assume responsibility to anyone
other than the University and the
University’s Council as a body, for our
audit work, for this report, or for the
opinions we have formed.
Gareth Hitchmough BSc FCA
for and on behalf of Grant Thornton
UK LLP, Statutory Auditor
Chartered Accountants
Liverpool
18 January 2024
39
Accounts
University of York students joined thousands at
the York Pride Parade March in the city centre
40
Annual Report and Financial Statements 2023
STATEMENT OF PRINCIPAL
ACCOUNTING POLICIES
1. BASIS OF
PREPARATION
The inancial statements have
been prepared in accordance with
the Statement of Recommended
Practice – Accounting for Further and
Higher Education 2019 (SORP) and in
accordance with Financial Reporting
Standards (FRS) 102. The University is
a public beneit entity and therefore
has applied the relevant public beneit
requirement of FRS 102. The inancial
statements are prepared in accordance
with the historical cost convention
(modiied by the revaluation of derivative
inancial instruments, investment
properties, and joint ventures). The
disclosure requirements of the SORP
and FRS 102 have been applied other
than where additional disclosure is
required to show a true and fair view.
2. EXEMPTIONS UNDER
FRS 102
The University has taken advantage of
the exemptions available under section
3.3 of the Statement of Recommended
Practice (1.12(b) of FRS 102) to
not produce a separate cash low
Statement for the University.
3. GOING CONCERN
Council has assessed its going
concern status over a period of two
minimum requirement of 90 days
alongside achieving covenant
compliance. Liquidity and covenant
compliance are met by implementing
mitigating actions including rephasing
investment in infrastructure, expenditure
reductions and a freeze in recruitment of
non-essential staing positions.
An implausible inancial impact would
need to occur before covenants were
breached and the University would
remain inancially sustainable were a
breach to occur.
After reviewing and approving the
ive-year forecasts, alongside the
sensitivity analysis performed, Council
is conident that the University will
have suicient funds to meet its
liabilities as they fall due for a period
of at least 12 months from the date of
approval of these inancial statements.
Council therefore conirms it is
appropriate to prepare the inancial
statements on a going concern basis.
4. BASIS OF
CONSOLIDATION
The consolidated inancial statements
include the University and all its
subsidiaries, together with the share of
results of joint ventures and associates,
for the inancial year to 31 July 2023.
The results of subsidiaries acquired
or disposed of during the period are
included in the consolidated statement
of income and expenditure from the
date of acquisition or up to the date
years to 31 July 2025. In addition,
Council reviews and approves ive-
year forecasts annually in order to be
satisied that the University can meet
working capital needs from forecast
cash balances.
The University’s latest ive-year forecast
was approved in November 2023 and
forms the base case for conducting
scenario analysis over the going
concern period. Covenant compliance
is considered the main risk to going
concern, given the University’s high
level of current asset investments and
cash balances. As at 31 July 2023 the
University held £79.9m of short-term
current asset investments, alongside
£90.9m of cash balances. These
reserves are considered suicient to
support the University in conducting
teaching, research and other activities
over the going concern period,
alongside cash resources to fund future
capital projects.
The scenario analysis explores
scenarios from realistic to pessimistic
and considers the impact on both
liquidity and covenant compliance.
The analysis covered associated risks
under the following headings:
• Student tuition fee income
• Research funding
• Other income
• Pay Inlation
Under both realistic and severe but
plausible scenarios, liquidity was
maintained above the University’s
41
Accounts
of disposal. Intra-group transactions
are eliminated on consolidation.
Balances between the University and
its joint ventures and associates are not
eliminated. The consolidated inancial
statements do not include the income
and expenditure of the Students’ Union
and the Graduate Students’ Association
as the University does not exert control
or dominant inluence over policy
decisions. Associated companies and
joint ventures are accounted for using
the equity method.
5. INCOME
RECOGNITION
Income from the sale of goods or
services is credited to the 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 satisied.
Fee income is stated gross of any
expenditure which is not a discount
and credited to the statement
of comprehensive income and
expenditure over the period in which
students are studying. Where the
amount of the tuition fee is reduced,
by a discount for prompt payment,
income receivable is shown net of the
discount. Bursaries and scholarships
are accounted for gross as expenditure
and not deducted from income.
Investment income is credited to the
statement of 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 beneit related to
the transaction.
Grant funding, including teaching
grants from the OfS, research grants
from government sources and grants
(including research grants) from non-
government sources, is recognised in
income over the period in which the
University recognises related costs.
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 are recorded in income
in the year in which they arise and as
either restricted or unrestricted income
according to the terms applied to the
individual endowment fund. Four main
types of donations and endowments
may be identiied within reserves.
• Restricted donations: the donor has
speciied that the donation must be
used for a particular objective.
• Unrestricted permanent
endowments: the donor has
speciied that the fund is to be
permanently invested to generate
an income stream for the general
beneit of the University.
• Restricted expendable endowments:
the donor has speciied a particular
objective other than the purchase or
construction of tangible ixed assets
and the University has the power to
use the capital.
• Restricted permanent endowments:
the donor has speciied that the
fund is to be permanently invested
to generate an income stream to be
applied to a particular objective.
6. CAPITAL GRANTS
Capital grants are recognised in
income when the University is
entitled to the funds subject to any
performance-related conditions
being met. Capital grants are
accounted for in restricted reserves.
7. ACCOUNTING
FOR RETIREMENT
BENEFITS
The three principal pension schemes
for the University’s sta are the
Universities Superannuation Scheme
(USS), the University of York Pension
Fund (UoYPF) and the People’s
Pension Scheme. The USS is a hybrid
scheme being deined beneit up to
a salary cap and deined contribution
above the cap. The UoYPF is a
deined beneit scheme. The People’s
Pension Scheme is a deined
contribution scheme.
Dened contribution schemes
A deined contribution scheme is a
post-employment beneit scheme
under which the University pays ixed
contributions into a separate entity
and will have no legal or constructive
obligation to pay further amounts.
Obligations for contributions to
deined contribution pension
schemes are recognised as an
expense in the income statement in
the periods during which services are
rendered by employees.
Dened benet schemes
Under deined beneit schemes, the
University’s obligation is to provide
the agreed beneits to current and
former employees, and actuarial
risk (that beneits will cost more or
less than expected) and investment
risk (that returns on assets set aside
42
Annual Report and Financial Statements 2023
to fund the beneits will dier from
expectations) are borne, in substance,
by the University.
The University recognises a liability
for its obligations under deined
beneit schemes net of scheme
assets. This net deined beneit
liability is measured as the estimated
amount of beneit 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 scheme assets. The calculation
is performed by a qualiied 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 scheme.
Universities Superannuation Scheme
The University participates in the
USS. The scheme is a hybrid pension
scheme, providing deined beneits
(for all members) up to a salary
cap as well as deined contribution
beneits for contributions above the
salary cap. The assets of the scheme
are held in a separate trustee-
administered 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 University 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 Beneits, the
institution therefore accounts for
the scheme as if it were a wholly
deined contribution scheme. As a
result, the amount charged to the
statement of comprehensive income
and expenditure represents the
contributions payable to the scheme.
The last formal actuarial valuation
of the scheme as at 31 March 2020
reported liabilities greater than the
scheme’s assets. As a result, the
University entered into an agreement
(the Recovery Plan) that determines
how each employer within the
scheme will fund the overall deicit.
The University recognises a liability
for the future contributions payable
that arise from the agreement (to
the extent that they relate to the
deicit) with related expenses being
recognised through the statement
of comprehensive income and
expenditure.
8. EMPLOYMENT
BENEFITS
Short-term employment beneits
such as salaries and compensated
absences (i.e. holiday pay) are
recognised as an expense in the
year in which the employees render
service to the University. Any unused
beneits are accrued and measured
as the additional amount the
University expects to pay as a result
of the unused entitlement.
9. TERMINATION
BENEFITS
Termination beneits paid to
employees are recognised as an
expense in the year in which they
are paid, or when the University is
demonstrably committed either:
• to terminate the employment of an
employee, or group of employees,
before their normal retirement
date, or
• to provide termination beneits as
a result of an oer made in order to
encourage voluntary redundancy.
Termination beneits are measured
as the best estimate of expenditure
required to settle the obligation at the
reporting date.
10. FINANCE LEASES
Leases in which the University
assumes substantially all the risks and
rewards of ownership of the leased
asset are classiied as inance leases.
Leased assets acquired by way of
inance 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 inance charge and the reduction
of the outstanding liability. The inance
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.
11. 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.
12. SERVICE
CONCESSION
ARRANGEMENTS
When the University enters into a
service concession arrangement,
the terms of the arrangement are
43
Accounts
considered to inform Council’s
judgement on how to account for the
arrangement. The University has a
service concession arrangement in
place with Civitas.
Current assets held under service
concession arrangements are
initially recognised on the balance
sheet at the present value of the
lease payments when the assets
are brought into use, with a
corresponding inancial liability.
13. 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 dierences arising
on translation are recognised in
surplus or deicit.
14. FIXED ASSETS
Fixed assets are stated at cost/
deemed cost less accumulated
depreciation and accumulated
impairment losses. Certain items of
ixed assets that had been revalued
to fair value on or prior to the date
of transition to the 2015 Further
Education and Higher Education
Statement of Recommended Practice
are measured on the basis of deemed
cost, being the revalued amount at
the date of that revaluation. Where
parts of a ixed asset have dierent
useful lives, they are accounted for as
separate items of ixed assets.
Land and buildings
Land and buildings are measured
using the cost/deemed cost model.
Costs incurred in relation to land
and buildings after initial purchase
or construction are capitalised to
the extent that they increase the
expected future beneits to the
University. Freehold land is not
depreciated as it is considered to
have an indeinite useful life. Freehold
buildings are depreciated on a
straight-line basis over their expected
useful lives (maximum 50 years).
Temporary buildings are depreciated
over 10 years on a straight-line basis.
Leasehold land and buildings are
depreciated over the life of the lease
up to a maximum of 50 years. The
various components of buildings are
depreciated over their useful life. No
depreciation is charged on assets in
the course of construction.
Equipment
Equipment, including computers and
software, costing less than £20,000
per individual item is recognised as
expenditure. Capitalised equipment
costing more than £20,000 per
individual item is stated at cost and
depreciated over its expected useful
life as follows:
• Equipment 2–10 years
• Mechanical and electrical
installations 15–40 years
• Vehicles 3–20 years
Heritage assets
Works of art and other valuable
artefacts have been capitalised and
recognised at the cost or value of
the acquisition, where such a cost or
valuation is reasonably obtainable.
Heritage assets are regularly revalued
and are not depreciated, as their long
economic life and high residual value
mean that any depreciation would not
be material.
15. INVESTMENTS
Investments in subsidiaries and
joint ventures are carried at cost
less impairment in the University’s
accounts. Other non-current
investments comprise a portfolio of
equities and similar investments to
support the University’s endowments.
These are held at fair value with
movements recognised in the
consolidated statement of income.
Current asset investments are held at
fair value with movements recognised
in the consolidated statement of
income.
16. DEFINED BENEFIT
NET ASSET
A plan surplus is recognised as a
deined beneit plan asset when
the deined beneit obligation at
the reporting date is less than the
fair value of plan assets, only to the
extent that the University is able to
recover a surplus through reduced
contributions in the future, or through
refunds from the plan.
17. STOCK
Stock is held at the lower of cost
and estimated selling price less costs
to sell.
44
Annual Report and Financial Statements 2023
18. 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 insigniicant risk of change
in value.
19. PROVISIONS,
CONTINGENT
LIABILITIES AND
CONTINGENT ASSETS
Provisions are recognised in the
inancial statements when:
• the University has a present
obligation (legal or constructive) as
a result of a past event
• it is probable that an outlow of
economic beneits will be required
to settle the obligation
• 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 lows at a pre-
tax rate that relects risks speciic to
the liability.
A contingent liability arises from a
past event that gives the University a
possible obligation whose existence
will only be conirmed 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 outlow 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 conirmed
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.
20. ACCOUNTING FOR
JOINT OPERATIONS,
JOINTLY CONTROLLED
ASSETS AND JOINTLY
CONTROLLED
OPERATIONS
The University accounts for its share
of joint ventures using the equity
method in preparing the consolidated
accounts. The University accounts
for its share of transactions
from joint operations and jointly
controlled assets in the statement
of comprehensive income and
expenditure.
21. TAXATION
The University is an exempt charity
within the meaning of Part 3 of the
Charities Act 2011. It is therefore
a charity within the meaning of
Paragraph 1 of Schedule 6 to the
Finance Act 2010 and, accordingly,
the University is potentially exempt
from taxation in respect of income
or capital gains received within
categories covered by sections
478–488 of the Corporation Tax Act
2010 (CTA 2010) or section 256 of
the Taxation of Chargeable Gains Act
1992, to the extent that such income
or gains are applied to exclusively
charitable purposes.
The University receives no similar
exemption in respect of Value Added
Tax (VAT). Irrecoverable VAT on inputs
is included in the costs of such inputs.
Any irrecoverable VAT allocated to
ixed assets is included in their cost.
The University’s subsidiaries are liable
to Corporation Tax in the same way as
any other commercial organisation.
Deferred tax is provided in full on
timing dierences which result in an
obligation at the balance sheet date
to pay more tax, or a right to pay less
tax, at a future date, at rates expected
to apply when they crystallise based
on current rates and law.
22. RESERVES
Reserves are classiied as restricted
or unrestricted. Restricted
endowment reserves include
balances which, through an
endowment to the University, are
held as a permanently restricted fund
which the University must hold in
perpetuity. Other restricted reserves
include balances where the donor has
designated a speciic purpose and
therefore the University is restricted
in the use of these funds.
23. ACCOUNTING
CURRENCY
The University is based in the United
Kingdom. The inancial statements
are prepared in sterling, the currency
of the United Kingdom. The amounts
have been rounded to the nearest
thousand pounds.
45
Accounts
24. FINANCIAL
INSTRUMENTS
The University has chosen to apply
the provisions of Sections 11 and 12 of
FRS 102 in full. Financial assets and
inancial liabilities are recognised in
the University’s balance sheet when
the University becomes a party to
the contractual provisions of the
instrument. A inancial asset and a
inancial liability are oset only when
there is a legally enforceable right to
set o the recognised amounts and
intention either to settle the asset on
a net basis, or to realise the asset and
settle the liability simultaneously.
Financial assets are de-recognised
when the contractual rights to the
cash lows from the asset expire or are
settled, or substantially all of the risks
and rewards of the ownership of the
asset are transferred to another party.
Debt instruments which meet the
classiication of basic inancial
instruments as deined by paragraph
11.9 of FRS 102 are measured at
amortised cost.
Investments
Investments within the scope of
Section 11 of FRS 102 (therefore
excluding investments in subsidiaries,
associates and joint ventures) are
recognised initially at fair value which
is normally the transaction price.
Subsequently, they are measured
at fair value if the investment is
publicly traded, or their fair value can
otherwise be measured reliably with
the changes in fair value recognised
in the statement of comprehensive
income. All other investments are
measured at cost less impairment.
Short-term debtors and creditors
Debtors and creditors with no
stated interest rate and receivable
or payable within one year are
recorded at transaction price. Any
losses arising from impairment
are recognised in the statement
of comprehensive income in other
operating expenses.
Long-term debtors and creditors
Debtors and creditors payable over
more than one year are recorded at
transaction price and subsequently
recognised at amortised cost.
Loans
Loans which meet the criteria for
basic inancial instruments are
initially recorded and subsequently
measured at transaction price, net of
transaction costs.
Certain of the University’s loan notes
are subject to foreign exchange
hedges held by US investors. The
hedges protect the investors against
future foreign exchange exposure
should the University decide in the
future to repay part or all of the
debt early. Under FRS 102, these
instruments are classed as non-basic
and measured at fair value through
the statement of comprehensive
income and expenditure.
Fair value
The best evidence of fair value is a
quoted price for an identical asset in
an active market. When quoted prices
are unavailable, the price of a recent
transaction for an identical asset
provides evidence of fair value as long
as there has not been a signiicant
change in economic circumstances
or a signiicant lapse of time since the
transaction took place. If the market
is not active and recent transactions
of an identical asset on their own
are not a good estimate of fair value,
the fair value is estimated by using a
valuation technique.
Price and interest rate risk
Price risk arises on inancial
instruments because of changes,
for example, in commodity prices or
equity prices. Listed investments are
exposed to price risk but this exposure
is within the University’s risk appetite.
Bank deposits are subject to variable
interest rates and the University is
exposed to inancial risk on these
assets. The University does not enter
into or trade inancial instruments,
including derivative inancial
instruments, for speculative purposes.
The University’s loan notes carried at
fair value are also subject to interest
rate risks.
Credit risk management
Credit risk refers to the risk that
a counterparty will default on its
contractual obligations resulting
in inancial loss to the University.
The credit risk on liquid funds and
inancial instruments is limited
because the counterparties are
banks with high credit ratings
which have been assigned by
international credit rating agencies.
Credit exposure is controlled by
counterparty limits that are reviewed
and approved by the Finance
Committee. Trade receivables consist
of many customers, spread across
diverse sectors, populations and
geographical areas.
Liquidity risk management
Ultimate responsibility for liquidity
risk management rests with the
University Council. The University
manages liquidity risk by maintaining
adequate cash balances, banking
facilities and borrowing facilities, by
continuously monitoring forecast and
actual cash lows, and by matching
the maturity proiles of certain
inancial assets and liabilities.
46
Annual Report and Financial Statements 2023
25. ACCOUNTING
ESTIMATES
Key estimates included in these
inancial statements are stated below.
Universities Superannuation
Scheme
The University participates in the USS.
In accordance with the requirements
of the Statement of Recommended
Practice – Accounting for Further
and Higher Education, the University
currently recognises a provision for
its obligation to fund past deicits
arising within the USS. The last formal
completed actuarial valuation of the
scheme was at 31 March 2020 and
completed in October 2021. This
is relected in the pension liability
provision at 31 July 2023. Details
of this provision, which has been
discounted at a rate of 5.49% as at 31
July 2023, are included in Note 35 to
the accounts.
Sensitivity analysis is provided
below, based on possible changes
of the assumptions occurring at 31
July 2023. The sensitivities have
been derived in the same manner
as the deined beneit obligation
as at 31 July 2023. The sensitivities
are calculated by changing each
assumption with all other things held
constant.
• A decrease in the discount rate by
0.5% per annum from 5.49% per
annum to 4.99% per annum leads
to an increase in the provision of
£5.1m at 31 July 2023.
• An increase in the combined growth
in future payroll costs for inlation,
pay rises or additional sta by 1.0%
per annum leads to an increase in the
provision of £10.5m at 31 July 2023.
It is acknowledged that presuming
all other assumptions remain
constant has inherent limitations,
given that it is more likely to be
a combination of changes, but
highlights the value of each individual
risk and is therefore a suitable basis
for providing this analysis.
University of York Pension Fund
The University of York Pension
Fund is accounted for as a deined
beneit scheme. Pension costs
under FRS 102 and the amount of
the provision in the balance sheet
are based on the actuarial valuation,
and on assumptions, including the
appropriate discount rate, agreed
by management following actuarial
advice. These assumptions are
detailed in Note 35 to the accounts.
The following sensitivity analysis
has been calculated for changes
to the assumptions underlying the
pension asset.
• A decrease in discount rate of 0.5%
per annum from 5.20% to 4.7%
leads to a decrease in the pension
asset of £12m at 31 July 2023.
• The Fund’s past service beneits are
no longer linked to salary increases.
Any change in salary increase
assumption would have no impact
on the net pension asset as at
31 July 2023.
It is acknowledged that presuming
all other assumptions remain
constant has inherent limitations,
given that it is more likely to be
a combination of changes, but
highlights the value of each individual
risk and is therefore a suitable basis
for providing this analysis.
Goodwill
In 2018/19 the University purchased
50% of Student Accommodation
Provision Three LLP. The goodwill
relating to the acquisition of £3.4m
is being amortised over 10 years
which is the estimated useful life of
the goodwill.
Fair value of non-basic nancial
instruments
The fair value of the non-basic
inancial instruments has been
measured by discounting expected
future cash lows to present value
using a discount rate based on market
rates for similar debt instruments. The
discount rate has been calculated
based on the average yield of UK
30 year gilts applied to the principal
amount and forward rates applied
to future interest rate payments. The
rate has been adjusted to relect the
University’s credit rating.
The impact of the fair value is
to recognise a gain of £4.1m
(2022: £62.9m) in the statement
of comprehensive income and to
recognise a fair value of the loan
note of £70m (2022: £74m) in the
balance sheet.
The following sensitivity analysis has
been calculated for changes to the
assumptions used in the fair valuation.
• A decrease of 0.5% in the discount
rate would result in an increase in
the liability of £5.6m.
The University’s non-basic inancial
instruments contain foreign exchange
options held by certain US investors,
which are required to be recognised
at fair value as part of the instrument,
in accordance with FRS 102. The
options have been assessed as only
having a potential fair value when
early prepayment of part or whole
of the instrument is triggered. The
University has conducted signiicant
scenario analysis, based on a base
case position of market conditions
at the valuation date together with
forward rates, assessed as being the
best estimate of future rates. The
modelling lexed the key variables
of UK gilt yields, US treasury yields
and the GBP/USD exchange rate to
establish whether the options could
have a positive impact in the future,
47
Accounts
such that a fair value would occur.
The conclusion of the analysis is
that it would take extreme opposing
movements in both UK and US
interest rates for the options to have
a positive fair value and that this
event is highly unlikely, therefore
no value has been attributed to the
foreign exchange options within the
inancial instruments.
26. ACCOUNTING
JUDGEMENTS
Key judgements used in the
preparation of the inancial
statements are as follows.
Universities Superannuation
Scheme
The University participates in the
USS. The scheme is a hybrid pension
scheme, providing deined beneits
(for all members), as well as deined
contribution beneits. FRS 102 makes
the distinction between a group plan
and a multi-employer scheme. A
group plan consists of a collection
of entities under common control,
typically with a sponsoring employer.
A multi-employer scheme is a scheme
for entities not under common control
and represents (typically) an industry-
wide scheme such as the USS. The
accounting for a multi-employer
scheme where the employer has
entered into an agreement with the
scheme, that determines how the
employer will fund a deicit results
in the recognition of a liability of
£140m for the contributions payable
that arise from the agreement (to the
extent that they relate to the deicit).
The resulting expense is recorded
in the statement of comprehensive
income and expenditure in
accordance with section 28 of FRS
102. Council is satisied that the
USS meets the deinition of a multi-
employer scheme and has therefore
recognised the discounted fair value
of the contractual contributions
under the funding plan in existence
at the date of approving the inancial
statements.
In the judgement of the University, as
the 2023 valuation will be inalised
after the year end and there remain
various stages of consultation still
to be completed around key factors
relating to the level of contributions
and beneits, it remains appropriate
to continue to account for the past
deicit obligation in accordance
with the plan agreed after the 2020
actuarial valuation.
Recognition of pension asset
FRS102 requires the recognition of
a pension asset to the extent that a
surplus can be recovered through
reduced contributions in the future,
or through refunds from the plan.
The actuarial valuation for the
University of York Pension Fund
reported a surplus position at 31 July
2023. The Trust deeds for the fund
allow the employer (the University)
to terminate its liability to the pay
contributions to the Fund at any
time. Additionally, the deed permits
the employer to suspend its liability
to pay contributions to the fund at
any time. While the University has a
right to a refund, this is conditional
on future beneit decisions. While no
decisions are currently planned, the
University has recognised the surplus
in full. Future changes arising from
changes in beneits will be accounted
for as decisions are made.
Impairment of land and buildings
The University estate is valued on a
historical cost basis. The University
makes judgements as to whether
any indicators of impairment are
present for any of the University’s
assets. Where there is a change
of use or future capital plans, a
calculation of the recoverable amount
is undertaken and where required,
the assets are impaired. In the current
year, the University has recognised
an impairment of £1.5m, following
condition surveys performed on the
physical estate, which is recognised
in depreciation in the Consolidated
statement of income and expenditure.
The University has assessed the
carrying value of freehold land and
buildings of £364m as reasonable.
Consolidated and University statement of
comprehensive income and expenditure
Consolidated University
Year ended
 July 
Year ended
 July 
Restated
Year ended
 July 
Year ended
 July 
Restated
Notes    
Income
Tuition fees and education contracts    
Funding body grants    
Research grants and contracts    
Other income    
Investment income    
Donations and endowments    
Total income    
Expenditure
Sta costs – excluding USS Provision    
Sta costs – USS Provision movement     
Total sta costs    
Other operating expenses    
Depreciation and impairment charge     
Interest and other inance costs    
Total expenditure     
Surplus/(deficit) before other gains/(losses) and share
of operating surplus of joint ventures
   
Loss/gain on disposal of ixed assets  -  -
Loss on investments    
Amortisation of goodwill     
Gain on valuation of loan notes ,     
Share of operating surplus in joint ventures    - -
Surplus/deicit before tax    
Taxation  - - - -
Surplus/deicit after tax    
Other comprehensive income
Pension scheme actuarial gains     
Total comprehensive income for the year    
Represented by
Endowment comprehensive income for the year    
Restricted donations comprehensive income for the year    
Restricted grants comprehensive income for the year    
Unrestricted comprehensive income for the year    
All items of income and expenditure relate to continuing activities.
The table below does not form part of the inancial statements.
Surplus/deicit for the year    
USS provision movement    
Gain on fair value of loan notes    
Deicit/surplus for the year excluding USS pension provision    
The accompanying notes form an integral part of the inancial statements.
48
Annual Report and Financial Statements 2023
Consolidated and University statement of changes in reserves
Income and expenditure reserve
Endowments
Restricted
donations
Restricted
capital grants Unrestricted
Restated
Total
Restated
    
Consolidated
Balance at  August as previously reported     
Prior period adjustment - - -  
Balance at  August as restated     
Deicit/surplus for the year     
Prior period adjustment - - -  
Pension scheme actuarial gains - - -  
Release of restricted funds spent in the year - -   -
Total comprehensive income for the year     
Balance at  August as restated     
Deicit/surplus for the year     
Pension scheme actuarial gains - - -  
Release of restricted funds spent in the year - -   -
Total comprehensive income for the year     
Balance at  July      
Income and expenditure reserve
Endowments
Restricted
donations
Restricted
capital grants Unrestricted
Restated
Total
Restated
    
University
Balance at  August as previously reported     
Prior period adjustment - - -  
Balance at  August as restated     
Deicit/surplus for the year     
Prior period adjustment - - -  
Pension scheme actuarial gains - - -  
Release of restricted funds spent in the year - -   -
Total comprehensive income for the year     
Balance at  August as restated     
Deicit/surplus for the year     
Pension scheme actuarial gains - - -  
Release of restricted funds spent in the year - -   -
Total comprehensive income for the year     
Balance at  July      
The accompanying notes form an integral part of the inancial statements.
49
Accounts
Consolidated and University balance sheets
Consolidated University
 July   July 
Restated
 July   July 
Restated
Notes    
Assets
Non-current assets
Intangible assets     
Fixed assets     
Heritage assets     
Investments     
Investments in joint ventures     
   
Current assets
Stock    
Trade and other receivables     
Pension asset     
Debtors due after more than one year     
Investments     
Cash and cash equivalents     
   
Less: Creditors: amounts falling due within one year     
Net current assets    
Total assets less current liabilities    
Creditors: amounts falling due after more than one year     
Provisions
Pension provisions     
Total net assets    
Reserves
Restricted reserves
Income and expenditure reserve – endowments     
Income and expenditure reserve – restricted donations     
Income and expenditure reserve – restricted capital grants     
Unrestricted reserves
Income and expenditure reserve – unrestricted    
Total reserves    
The accompanying notes form an integral part of the inancial statements.
The inancial statements were approved by Council on  January  and were signed on its behalf by:
Professor Charlie Jeery, Vice-Chancellor and President
Dr Alice Maynard, Chair of Council
50
Annual Report and Financial Statements 2023
Consolidated cash ow statement
Year ended
 July 
Year ended
 July 
Restated
 
Cash flow from operating activities
Surplus/deicit for the year  
Adjustment for non-cash items
Depreciation  
Goodwill amortisation  
Loss on investments  
Decrease/increase in stock  
Increase in debtors  
Increase in creditors  
Gain on fair value of loan notes  
Decrease/increase in pension provisions  
Share of operating surplus in joint ventures  
Amortisation of residences receipt  
 
Adjustment for investing or financing activities
Investment income  
Interest payable  
Donations and endowments  
Proit on sale of ixed assets  -
Capital grant income  
 
Net cash inlow from operating activities  
Cash flows from investing activities
Proceeds from sales of ixed assets  -
Capital grant receipts  
Receipt from residences transaction  -
Acquisition of non-current asset investments 
Receipts from joint ventures  
Investment income  
New deposits - 
Payments made to acquire ixed assets  
Total investing activities  
Cash flows from financing activities
Interest paid  
Endowment cash received  
Repayments of amounts borrowed  
Total inancing activities  
Decrease/increase in cash and cash equivalents in the year  
Cash and cash equivalents at beginning of the year  
Cash and cash equivalents at the end of the year  
Increase in cash balances  
The accompanying notes form an integral part of the inancial statements.
51
Accounts
Notes to the accounts
1. Tuition fees and education contracts
Consolidated University
Year ended
 July 
Year ended
 July 
Year ended
 July 
Year ended
 July 
   
Full-time home and EU students    
Full-time international students    
Part-time students    
Other teaching contract course fees    
Research training support grant    
Short courses and other fees    
   
2. Funding body grants
Consolidated University
Year ended
 July 
Year ended
 July 
Year ended
 July 
Year ended
 July 
   
Oice for Students    
Research England    
Speciic grants    
   
3. Grant and fee income
The source of grant and fee income included in Note  and Note  above is as follows:
Consolidated University
Year ended
 July 
Year ended
 July 
Year ended
 July 
Year ended
 July 
   
Grant income from the OfS    
Speciic grant income from the OfS    
Total grant income from the OfS    
Grant income from other bodies    
Fee income for research awards exclusive of VAT    
Fee income for non-qualifying courses exclusive of VAT    
Fee income for taught awards exclusive of VAT    
   
4. Research grants and contracts
Consolidated University
Year ended
 July 
Year ended
 July 
Year ended
 July 
Year ended
 July 
   
UK-based research councils    
UK-based charities    
UK government bodies, local authorities, health and hospital authorities    
UK industry and commerce    
EU government bodies and similar organisations    
Overseas bodies    
   
The University has recognised m /: m of capital grants for research equipment and property. In line with the requirements of FRS , these
have been recognised in the year when the grants have been announced rather than in the year when the capital expenditure is incurred.
52
Annual Report and Financial Statements 2023
5. Other income
Consolidated University
Year ended
 July 
Year ended
 July 
Year ended
 July 
Year ended
 July 
   
Residences and catering    
Other services rendered    
Speciic grant income    
Gift aid receivable - - - 
Other income    
Income from subsidiary companies   - -
   
6. Investment income
Consolidated University
Year ended
 July 
Year ended
 July 
Year ended
 July 
Year ended
 July 
Notes    
Investment income on endowments     
Investment income on restricted reserves     
Other investment income    
   
7. Donations and endowments
Consolidated University
Year ended
 July 
Year ended
 July 
Year ended
 July 
Year ended
 July 
Notes    
Donations with restrictions     
Unrestricted donations    
   
8. Staff costs
Consolidated University
Year ended
 July 
Year ended
 July 
Year ended
 July 
Year ended
 July 
Notes    
Salaries    
Social security costs    
Pension costs     
Early retirement and severance costs    
Movement in USS provision     
   
Year ended
 July 
Year ended
 July 
Vice-Chancellor and President, Professor Charlie Jeery
Salary and total remuneration  
53
Accounts
Remuneration
The Vice-Chancellor’s remuneration is determined by the Remuneration Committee. The remuneration package relects:
y external comparator data including those for the Russell Group
y individual performance against strategic objectives that encompass all aspects of the role
y the level of responsibility and skills required to maintain the reputation of a dynamic institution such as the University of York
y the leadership strengths and qualities required to guide the University through the turbulent and unpredictable future facing the UK higher education sector
y the scale, complexity and success of the institution.
Further details of the remuneration of the Vice-Chancellor and other sta can be found in the remuneration report on page .
Pensions
The Vice-Chancellor, Professor Jeery, is not a member of a pension scheme.
Salary sacriice arrangements
The Vice-Chancellor, Professor Jeery, has no salary sacriice arrangements.
Beneits in kind
The Vice-Chancellor, Professor Jeery, received no beneits in kind.
Pay ratios
The Oice for Students requires the University to publish the following ratios regarding the Vice-Chancellor’s remuneration.
. Basic salary ratio: this is the Vice-Chancellor’s basic salary as a ratio of the median basic salary of all sta expressed as full-time equivalents.
. Total remuneration ratio: this is the Vice-Chancellor’s total remuneration as a ratio of the median total remuneration of all sta expressed as
full-time equivalents.
Year ended
 July 
Year ended
 July 
Vice-Chancellor and President, Professor Charlie Jeery
Basic salary ratio  
Total remuneration ratio  
Remuneration of other higher paid sta
The number of sta FTE, including the Vice-Chancellor, who have a full-time-equivalent base salary of  or greater is given below. The igures
exclude bonus payments, allowances, clinical excellence awards and other such payments, employer’s pension contributions, employer’s National
Insurance and compensation for loss of oice. They include any market supplements that are paid.
y Salary bandings are based on salaries at the end of the inancial year.
y Salary bandings exclude any person starting or leaving in the year.
As a leading research-intensive university, the organisation aims to recruit high quality academic and research sta in line with its strategic objectives.
Bands Number of employees
Year ended  July  Year ended  July 
Academic
Senior
management
Total
Academic
Senior
management
Total
 to  -  
 to   -   
 to     
 to     
 to   - 
 to 
 to  -
 to  -
 to  -
 to 
 to  -
 to  - -
 to  - - - -
 to  - -
 to  - - - -
 to  - -
 to  - - - -
 to  - - - -
 to  - - - -
     
Notes to the accounts (continued)
54
Annual Report and Financial Statements 2023
Key management personnel
Key management personnel are members of the University Executive Board UEB which, until  July , comprised the positions listed. These people
have the responsibility for planning, organising and directing the activities of the University.
y Vice-Chancellor and President
y Deputy Vice-Chancellor and Provost
y Dean of the Faculty of Sciences
y Dean of the Faculty of Social Sciences
y Dean of the Faculty of Arts and Humanities
y Pro-Vice-Chancellor for Teaching, Learning and Students
y Pro-Vice-Chancellor for Research
y Pro-Vice-Chancellor for Partnerships and Engagement
y Pro-Vice-Chancellor for Global Strategy until April 
y Chief Operating Oicer
y Finance Director
y Academic Registrar
y Director of Technology, Estates and Facilities
y Director of External Relations.
Key management personnel compensation
Key management personnel compensation includes salary, beneits in kind, employer’s pension contributions and employer’s national insurance for the
period in which employees were part of the UEB.
Year ended
 July 
Year ended
 July 
 
Key management personnel compensation  
Year ended
 July 
Year ended
 July 
Number Number
Members of University Executive Board FTE  
Severance costs
The amount of compensation for loss of oice paid across the University Group and the number of people headcount to whom this was payable are
as follows:
Year ended
 July 
Year ended
 July 
 
University  
Subsidiary undertakings

 
Year ended
 July 
Year ended
 July 
Number Number
University  
Subsidiary undertakings
 
Average sta numbers FTE by major category
Year ended
 July 
Year ended
 July 
Number Number
Academic  
Support  
 
55
Accounts
9. Interest and other finance costs
Consolidated University
Year ended
 July 
Year ended
 July 
Year ended
 July 
Year ended
 July 
Notes    
Loan interest    
Net charge from UoYPF
– beneit interest costs     
– interest income     
Net charge from USS provision     
   
10. Analysis of total expenditure by activity
Consolidated University
Year ended
 July 
Year ended
 July 
Year ended
 July 
Year ended
 July 
Notes    
Academic and related expenditure    
Academic Services    
Administration and central services    
Premises including service concession cost    
Residences, catering and conferences    
Research grants and contracts    
Other expenses    
Interest payable    
   
Movement in USS provision     
   
Consolidated
Year ended
 July 
Year ended
 July 
 
Other operating expenses include:
Group external auditor’s remuneration in respect of audit services  
Group external auditor’s remuneration in respect of non-audit services  
Subsidiary external auditor’s remuneration in respect of audit services  
Internal auditor’s remuneration in respect of internal audit services  
Operating lease rentals
– Land and buildings  
– Other  
Notes to the accounts (continued)
56
Annual Report and Financial Statements 2023
11. Access and participation expenditure
Consolidated University
Year ended
 July 
Year ended
 July 
Year ended
 July 
Year ended
 July 
   
Access investment
   
Financial support
   
Support for disabled students
   
Research and evaluation
   
Total    
The amount spent on access and participation includes sta costs amounting to /: . These sta costs are included in the
University costs reported in Note .
The University of York’s Access and Participation Plan / to / contains information about the nature of the University’s investment in access
provision and the support available to students. For details, see: york.ac.uk/schools-and-colleges/plans-policies.
12. Taxation
The University does not have a tax charge in / or /.
13. Intangible assets
Consolidated University
Year ended
 July 
Year ended
 July 
Year ended
 July 
Year ended
 July 
   
At  August     
Amortisation    
At  July     
In / the University purchased  of Student Accommodation Provision Three LLP from the external joint venture partner. The goodwill on acquisition is
being amortised over  years.
14. Fixed assets
Freehold land
and buildings
Leasehold
land and
buildings Equipment
Assets in the
course of
construction Total
    
Consolidated
Cost
At  August      
Additions  -   
Disposals  -  - 
Transfers  -   -
At  July      
Depreciation
At  August     - 
Disposals  -  - 
Charge for the year    - 
Impairment charge  - - - 
At  July     - 
Net book value
At  July      
At  July      
57
Accounts
Freehold land
and buildings
Leasehold
land and
buildings Equipment
Assets in the
course of
construction Total
    
University
Cost
At  August      
Additions  -   
Disposals  -  - 
Transfers  -   -
At  July      
Depreciation
At  August     - 
Disposals  -  - 
Charge for the year    - 
Impairment charge  
At  July     - 
Net book value
At  July      
At  July      
15. Heritage assets
Consolidated University
Year ended
 July 
Year ended
 July 
Year ended
 July 
Year ended
 July 
   
At  August     
Movement in fair values - - - -
At  July     
Heritage assets comprise approximately  artworks across various media, together with library acquisitions and silverware. The collection was revalued at
 July  on an open market basis by a qualiied external valuer specialising in ine art.
16. Investments
Subsidiary
companies
Other ixed
assets Total
  
Consolidated
At  August  -  
Movement in fair values -  
At  July  -  
University
At  August    
Movement in fair values -  
At  July    
Other ixed asset investments are a portfolio of equities and similar investments held by the University. The funds support University endowments.
Notes to the accounts (continued)
58
Annual Report and Financial Statements 2023
The subsidiary companies all of which are registered in England and Wales, wholly owned or eectively controlled by the University, are as follows:
Company Status Principal activity
PCMIS Health Technologies Ltd
 owned Provision of software, training and conferences services to the
health sector
The Biorenewables Development Centre Ltd
 owned Development of bioreinery technology and letting of
accommodation
York Commercial Ltd
 owned Provision of vacation conference facilities and retail activities
York Health Economics Consortium Ltd
 owned Consultancy and research in the health sector
York Science Park Ltd
 owned Letting of accommodation
York Sports Village LLP
 owned Provision of sports facilities
York University Property Company Ltd
 owned Letting of accommodation and investment activities
York University Energy Supply Company Ltd
 owned Supply of utilities
Student Accommodation Provision Three LLP
 owned Letting of accommodation
Registered oice: Heslington Hall, Heslington, York YODD
Registered oice: Enterprise House, Heslington, York YONQ
On  August  the trade and assets of York Sports Village LLP were hived up into the University.
17. Investments in joint ventures
 July   July 
 
Consolidated
Share of net assets
At  August   
Distribution of proits from joint ventures  
Share of operating proit after tax  
At  July   
 July   July 
 
University
Historic cost
At  August   
Movement - -
At  July   
The below undertakings are joint ventures at  July . The joint ventures are accounted for using the equity method, such that the University
percentage share of the companies’ gross assets and liabilities is incorporated into the Consolidated balance sheet. The University percentage share of
net income is reported in the Consolidated statement of income and expenditure.
Undertaking Status Principal activity
STEM Learning Ltd
 owned Operation of National Science Learning Centre
Student Accommodation Provision LLP
 owned Provision of student accommodation
Student Accommodation Provision Two LLP
 owned Provision of student accommodation
N Ltd
 owned Provision of education and research
Biovale Ltd
Limited by guarantee Promotion and development of biorenewables
University of York International Pathway College LLP
 owned Provision of education
Registered oice: Heslington Hall, Heslington, York YODD
Registered oice: The Cursitor,  Chancery Lane, London WCA EN
Registered oice: Firth Court, Sheield STN
Registered oice:  Hassacarr Close, York YOSN
All undertakings are incorporated in the United Kingdom with shares or equivalent held by the University of York or a wholly owned subsidiary of
the University.
The University of York International Pathway College LLP is not considered to be a subsidiary entity because of the voting and other rights assigned to
each partner under the partnership agreement.
59
Accounts
18. Service concession arrangements
The University has a service concession arrangement with Civitas Living LLP for the provision of student residential accommodation services. In  the
University entered into a -year contract with Civitas Living LLP for the provision of residential accommodation services.
The assets and liabilities relating to this contract are recognised on the University’s Balance Sheet to the extent that the University is required to fulil
nomination commitments at each  July. This commits the University to pay for these rooms in the following year only. It is anticipated that student rents
received will fully fund this obligation.
The University has the right to nominate rooms each January for the following academic year. The current asset value of the service concession in the
balance sheet as at  July  is m : m. The total liabilities relating to the service concession in the balance sheet as at  July 
are m : m, representing the present value of lease obligations for the following academic year. All future commitments in relation to the
service concession arrangement are payable within one year.
19. Debtors due after more than one year
Consolidated University
 July   July 
Restated
 July   July 
Restated
   
Prepayments and accrued income    
   
20. Trade and other receivables
Consolidated University
 July   July   July   July 
   
Research grant receivables    
Other trade receivables    
Amounts due from subsidiary companies - -  
Prepayments and accrued income    
   
Amounts owed from subsidiary companies fall due in line with the normal trading terms of the University.
21. Current investments
Consolidated University
 July   July 
Restated
 July   July 
Restated
   
Certiicates of deposit and corporate bonds    
Short-term ixed income securities    
   
Short-term investments are held with institutions operating in the London market and regulated by the Financial Services Authority. These short-term
investments do meet the deinition of cash equivalents. The interest rates for the short-term deposits are ixed for the duration of the deposit at the time
of placement. The weighted average interest rate for these deposits is  : .
22. Creditors: amounts falling due within one year
Consolidated University
 July   July   July   July 
   
Unsecured loans    
Trade payables    
Social security and other taxation payable    
Accruals and deferred income    
Amounts due to subsidiary companies - -  
   
Amounts payable to subsidiary companies fall due in line with the normal trading terms of the University. The negative value for unsecured loans
represents the amortisation of costs incurred with the  loan notes.
Notes to the accounts (continued)
60
Annual Report and Financial Statements 2023
Included within accruals and deferred income are the following items which have been deferred until speciic performance-related conditions have been met.
Consolidated University
 July   July   July   July 
   
Deferred income
Research grants received on account    
Speciic grant income    
   
23. Creditors: amounts falling due after one year
Consolidated University
 July   July 
Restated
 July   July 
Restated
   
Other long-term creditors    
Loan notes at amortised cost    
Loan notes at fair value    
   
Consolidated University
 July   July 
Restated
 July   July 
Restated
   
Loan maturity analysis for loans held at amortised cost
Due within one year    
Due between one and two years    
Due between two and ive years    
Due in ive years or more    
Total due after more than one year    
Total loans    
In / the University entered into an agreement to procure new student accommodation. This has been done under a design, build and operate
arrangement and as a result, the University has received m. The amount received is being amortised over  years, being the life of the arrangement.
This is included in other long-term creditors.
The negative value for unsecured loans represents the amortisation of costs incurred with the  loan notes. Details of the loans are set out below:
Interest rate Period
Expected
end date
Years 
University
Loan notes –  Fixed at  to   February  
Loan notes –  Fixed at   January  
Capitalisation of costs of  loan notes  February  
University total 
Aviva SAP  loan Fixed at   September  
Capitalisation of costs of Aviva SAP  loan  September  
Consolidated total 
m of the m  loan notes are carried at fair value at each year end see Notes  and .
61
Accounts
24. Provisions for liabilities
Universities
Superannuation
Scheme
University
of York
Pension Fund
Total pensions
provisions
  
Consolidated
At  August    
Deicit contributions and changes in expected contributions  - 
Interest   
Contributions or beneits payable -  
Current service cost -  
Other inance charges -  
Movement in deined beneit obligation -  
Liability/asset as at  July    
Reclassiication to Non-current assets -  
At  July   - 
Universities
Superannuation
Scheme
University
of York
Pension Fund
Total pensions
provisions
  
University
At  August    
Deicit contributions and changes in expected contributions  - 
Interest   
Contributions or beneits payable -  
Current service cost -  
Other inance charges -  
Movement in deined beneit obligation -  
Liability/asset as at  July    
Reclassiication to Non-current assets -  
At  July   - 
Details of the pension schemes and their provisions can be found in Note .
Universities Superannuation Scheme
The obligation to fund the past deicit on the Universities Superannuation Scheme USS arises from the contractual agreement with the pension scheme
for total payments relating to beneits arising from past performance. Management have considered the future salary payments for future and current
employees in assessing the fair value of the Universities Superannuation Scheme provision. The provision has been estimated using a sector-wide
modeller provided by the British Universities Finance Directors Group which uses discount rates and sta costs to calculate the provision.
University of York Pension Fund
The University of York Pension Fund UoYPF is a deined beneit scheme, and the provision has been assessed by independent actuaries. Further details
are set out in Note .
Notes to the accounts (continued)
62
Annual Report and Financial Statements 2023
25. Endowment reserves
Restricted
permanent
endowments
Unrestricted
permanent
endowments

Total

Total
   
Consolidated and University
Balances at  August 
Capital    
Accumulated income    
   
New endowments  -  
Investment income    
Expenditure    
Decrease/Increase in market value of investments  -  
Total endowment comprehensive income for the year    
At  July     
Represented by
Capital    
Accumulated income    
   
Restricted
permanent
endowments
Unrestricted
permanent
endowments
 July 
 July 
   
Analysis by type of purpose
Scholarships and bursaries  -  
Research support  -  
Prize funds  -  
General    
   
 July   July 
 
Analysis by asset
Non-current asset investments  
Cash and cash equivalents  
 
26. Restricted reserves
Restricted
donations
Unspent
capital grants

Total

Total
   
Consolidated and University
Balances at  August     
New grants -   
New donations  -  
Investment income  -  
Expenditure  -  
Capital grants utilised -   
Total restricted comprehensive income for the year    
At  July     
63
Accounts
 July   July 
 
Analysis of restricted donations by type of purpose
Lectureships  
Scholarship and bursaries  
Research support  
Prize funds  
General  
 
27. Cash and cash equivalents
Consolidated University
 July   July   July   July 
   
At  August as previously reported    
Prior period adjustment    
At  August as restated    
Movement    
At  July     
Cash    
Cash equivalents    
   
28. Reconciliation of net debt
Consolidated University
 July   July   July   July 
   
Net debt at  August as previously reported    
Prior period adjustment    
At  August as restated    
Movement in cash and cash equivalents    
Loans repaid    
Movement in fair value of loan notes    
Change in net debt    
Net debt at  July     
Consolidated University
 July   July   July   July 
   
Analysis of net debt
Cash and cash equivalents    
Creditors: amounts falling due within one year    
Creditors: amounts falling due after more than one year    
Net debt    
Notes to the accounts (continued)
64
Annual Report and Financial Statements 2023
29. Financial instruments
Consolidated University
 July   July 
Restated
 July   July 
Restated
   
Financial assets
Other investments at fair value    
Joint venture investments at cost   - -
Investments at cost - -  
Trade and other receivables at cost    
Current asset investments at fair value    
Cash and cash equivalents at cost    
   
Financial liabilities
Trade payables at cost    
Loans at cost    
Loans at fair value    
   
30. Capital and other commitments
Consolidated University
 July   July   July   July 
   
Provision has not been made for the following capital commitments:
Commitments contracted for    
Authorised but not contracted for    
   
31. Contingent assets and liabilities
There were no contingent liabilities as at  July .
The University has given written undertakings to support the subsidiary companies for  months from the date of approval of these inancial statements.
32. Lease obligations
Land and
buildings
Plant and
machinery

Total

Restated
Total
   
Consolidated and University
Total rentals payable under operating leases
Payable during the year    
Future minimum lease payments due
Not later than one year    
Later than one year and not later than ive years    
Later than ive years  -  
Total lease payments due    
The minimum lease payments due on one of the University’s leases are uncertain and depend upon levels of student recruitment in  to  years’ time.
65
Accounts
33. Prior period adjustments
The pension asset of m as at  July see Note , has been reclassiied from Debtors due after more than one year in non-current assets to the face
of the balance sheet, due to the signiicant value of the surplus position. Additionally, the asset is now reported in current assets, alongside the remaining
balance of debtors due after more than one year.
The changes to the consolidated balance sheet as at  July  are summarised below. The changes have not resulted in a change to the consolidated
total net assets or total comprehensive income for the year.
Prior to restatement
 July 
Movement Restated
 July 
 
Consolidated balance sheet
Non-current assets
Debtors due after more than one year   -
Current assets
Pension assets -  
Debtors due after more than one year -  
Current asset investments
The accounts have further been restated to incorporate the reclassiication of current asset investments from cash and cash equivalents. A review of the
University’s investments concluded that certain investments did not meet the criteria to be recognised as cash and cash equivalents. The reclassiication
has resulted in investments of m as at  July  being recognised in current asset investments with a corresponding reduction in cash and
cash equivalents.
The change to the consolidated balance sheet as at  July  is summarised below. The change has not resulted in a change to the consolidated total
net assets or total comprehensive income for the year.
Prior to restatement
 July 
Movement Restated
 July 
 
Consolidated balance sheet
Current assets
Investments -  
Cash and cash equivalents   
Loan notes
m of the m  loan notes issued by the University have been reassessed as non-basic instruments and are therefore required to be
recognised at fair value rather than amortised cost.
The impact has been to recognise a fair value movement through the statement of comprehensive income of m for both the University and
Consolidated position. m of debt due after one year has also been restated to a fair value of m. The changes to the consolidated results are
summarised below.
Prior to restatement
 July 
Movement Restated
 July 
 
Consolidated statement of comprehensive income
Gain on fair value of loan notes -  
Total comprehensive income for the year   
Consolidated balance sheet
Creditors: amounts falling due after one year   
Total net assets   
Income and expenditure reserve – unrestricted   
Total reserves   
34. Events after the reporting period
The trade and assets of York Sports Village LLP, a subsidiary of the University, were hived up into the University as of  August . As at  July ,
the subsidiary reported income of m and a net loss for the year of m. Additionally, the company reported net assets of m, including m
of ixed assets which were transferred to the University at book value.
35. Pension schemes
The University operates two deined beneit pension schemes, the University of York Pension Fund UoYPF and the Universities Superannuation Scheme USS.
In addition, the University operates a deined contribution scheme The People’s Pension and contributes to the NHS pension scheme for some members of the
Hull York Medical School.
Notes to the accounts (continued)
66
Annual Report and Financial Statements 2023
Consolidated University
 July   July   July   July 
   
Total pension cost for the University and its subsidiaries
Universities Superannuation Scheme contributions    
University of York Pension Fund current service cost    
University of York Pension Fund past service cost -  - 
NHS Pension Scheme contributions    
The People’s Pension contributions    
   
Universities Superannuation Scheme deicit contributions and
changes in expected contributions
   
   
Universities Superannuation Scheme
The institution participates in the Universities Superannuation Scheme. The scheme is a hybrid pension scheme, providing deined beneits for all members, as
well as deined contribution beneits. The assets of the scheme are held in a separate trustee-administered 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  of FRS  Employee Beneits, the institution therefore accounts for the scheme as if it were a wholly deined contribution scheme. As
a result, the amount charged to the proit and loss account represents the contributions payable to the scheme.
Since the institution has entered into an agreement the Recovery Plan that determines how each employer within the scheme will fund the overall deicit, the
institution recognises a liability for the contributions payable that arise from the agreement to the extent that they relate to the deicit and therefore an expense
is recognised.
The latest available complete actuarial valuation of the Retirement Income Builder is at  March the valuation date, which was carried out using the
projected unit method.
Since the institution cannot identify its share of the USS Retirement Income Builder deined beneit assets and liabilities, the following disclosures relect those
relevant for those assets and liabilities as a whole.
The  valuation was the sixth valuation for the scheme under the scheme-speciic funding regime introduced by the Pensions Act , which requires
schemes to have suicient and appropriate assets to cover their technical provisions. At the valuation date, the value of the assets of the scheme was
 billion and the value of the scheme’s technical provisions was  billion, indicating a shortfall of  billion and a funding ratio of .
The key inancial assumptions used in the  valuation are described below. More detail is set out in the USS Statement of Funding Principles.
CPI assumption Term-dependent rates in line with the dierence between the Fixed Interest and Index Linked yield curves, less  per
annum to , reducing linearly by  per annum to a long-term dierence of  per annum from 
Pension increases CPI assumption plus 
subject to a loor of 
Discount rate Fixed interest gilt yield curve plus pre-retirement  per annum and post-retirement  per annum
The main demographic assumptions used relate to the mortality assumptions. These assumptions are based on analysis of the scheme’s experience
carried out as part of the  actuarial valuation.
The mortality assumptions used in these igures are as follows:
Mortality base table  of SPMA “light” for males and  of SPFA for females
Future improvements to mortality CMI  with a smoothing parameter of , an initial addition of  per annum and a long-term improvement
rate of  per annum for males and  per annum for females
The current life expectancy assumptions on retirement at  are:
Year ended
 July 
Year ended
 July 
Males currently aged   years  years
Females currently aged   years  years
Males currently aged   years  years
Females currently aged   years  years
A new deicit recovery plan was put in place as part of the  valuation, which requires payment of  of salaries over the period from  April  until
 March , at which point the rate will increase to . The  deicit recovery liability relects this plan. The liability igures have been produced
using the following assumptions:
Year ended
 July 
Year ended
 July 
Discount rate  
Pensionable salary growth  
67
Accounts
In accordance with the requirements of FRS  and the SORP, the University has made a provision for this contractual commitment to fund the past
deicit.
The provision for the deicit see Note  has been calculated by applying a full annual discount rate, whereas deicit contributions are paid monthly.
Applying monthly discount rates to the provision calculation would reduce the provision by m.
Sensitivity analysis is provided below, based on possible changes of the assumptions occurring at  July .
The sensitivities have been derived in the same manner as the deined beneit obligation as at  July . The sensitivities are calculated by changing
each assumption with all other things held constant.
y A decrease in the discount rate by  per annum from  to  leads to an increase in the provision of m at  July .
y An increase in the combined growth in future payroll costs for inlation, pay rises or additional sta by  per annum leads to an increase in the
provision of m at  July .
It is acknowledged that presuming all other assumptions remain constant has inherent limitations, given that it is more likely to be a combination of
changes, but highlights the value of each individual risk and is therefore a suitable basis for providing this analysis.
University of York Pension Fund
Year ended
 July 
Year ended
 July 
 
Analysis of the amount shown in the balance sheet
Scheme assets  
Scheme liabilities  
Surplus in the scheme – net pension asset  
Analysis of the amount shown in the statement of comprehensive income
Current service cost  
Past service credit - 
Administration expenses  
Total operating charge  
Analysis of the amount charged to interest payable/credited to other inance income
Interest cost  
Interest income  
Net charge to other inance income  
Total income and expenditure charge  
Analysis of other comprehensive income/expenditure
Actual return of assets less interest  
Actuarial gains on deined beneit obligation  
Total other comprehensive income/expenditure  
Cumulative actuarial loss recognised as other comprehensive income
Cumulative actuarial gains/losses recognised at the start of the year  
Cumulative actuarial gains/losses recognised at the end of the year  
Analysis of movement in surplus
Surplus/deicit at beginning of year  
Contributions or beneits paid by the University  
Additional payment from the University in line with Schedule of Contributions - 
Current service cost  
Past service credit - 
Other inance charge  
Net interest income/cost  
Gain recognised in other comprehensive income  
Surplus at end of year  
Notes to the accounts (continued)
68
Annual Report and Financial Statements 2023
Year ended
 July 
Year ended
 July 
 
Analysis of movement in the present value of liabilities
Present value of liabilities at the start of the year  
Current service cost net of member contributions  
Past service credit - 
Interest cost  
Actual member contributions including notional contributions  
Actuarial gain  
Actual beneit payments  
Present value of liabilities at the end of the year  
Analysis of movement in the fair value of scheme assets
Fair value of assets at the start of the year
 
Interest income  
Actual loss on assets  
Actual contributions paid by the University  
Payment by the University - 
Actual member contributions including notional contributions  
Administration expenses  
Actual beneit payments  
Fair value of scheme assets at the end of the year  
Fair values of the assets of the fund
Equities  
Bonds  
Real estate  
Cash  
Total  
Return on assets
Interest income
 
Return on assets less interest income  
Total  
Year ended
 July 
Year ended
 July 
History of experience gains and losses
Dierence between actual and expected return on scheme assets
Amount   
 of assets at end of year  
Experience losses on scheme liabilities  
69
Accounts
Year ended
 July 
Year ended
 July 
Signiicant actuarial assumptions
Discount rate  
Rate of salary increases  
Rate of price inlation CPI  
Rate of pension increases:
Post  GMP  
Non-GMP Final  
CRB Section pension  
Post-retirement mortality assumption SNMA/SNFA base table with
a  year age rating, CMI 
projection model with a long-term
improvement rate of  p.a
SNMA/SNFA base table with
a  year age rating, CMI 
projection model with a long-term
improvement rate of  p.a.
Assumed life expectancy on retirement at age 
Male aged   years  years
At age  a male aged   years  years
Female aged   years  years
At age  a female aged   years  years
In the year ended  July , the University recognised a curtailment gain of m following the closure of the inal salary section of the Fund eective
 March .
The following sensitivity analysis has been calculated for changes to the assumptions underlying the pension asset:
y If the discount rate assumption is decreased by  per annum then the pension surplus at  July  decreases by m.
y The Fund’s past service beneits are no longer linked to salary increases, therefore any change in salary increase assumption would not have an impact
on the net pension surplus.
NHS Pensions
The University of York participates in the NHS Pension Scheme NHSPS which was contracted out of the State Second Pension SP until  April .
The notional assets of the NHSPS are assessed by the Government Actuary and the beneits are underwritten by the government. There are no underlying
assets. It is not possible to identify each institution’s share of the notional assets and liabilities of the NHSPS and hence contributions to the NHSPS are
accounted for as if it were a deined contribution scheme. The cost recognised within the income and expenditure account is therefore equal to the
contributions payable to the NHSPS for the year. The contributions payable by the University during the year ended  July  were at a rate of  of
the total pensionable salaries, in accordance with the recommendations of the Government Actuary.
The People’s Pension
The University of York has a deined contribution scheme as its main auto-enrolment pension scheme for its sta. The investment of scheme contributions is
managed by The People’s Pension. The contributions payable by the University during the year ended  July  were at a rate of  of pensionable salary.
36. Trading with joint ventures and subsidiaries
The University has taken advantage of the exemption with FRS  and has not disclosed transactions with other group entities where the University holds
 of the voting rights. The following organisations are either joint ventures or subsidiaries in which the University does not have  of the voting rights:
University of York International Pathway College LLP
The University of York International Pathway College LLP is a joint venture between the University of York and Kaplan Financial Ltd which oers
undergraduate and postgraduate courses to international students.
Student Accommodation Provision LLP and Student Accommodation Provision Two LLP
Student Accommodation Provision LLP and Student Accommodation Provision Two LLP are joint ventures of the University and are responsible for
providing accommodation to students in Goodricke and Langwith Colleges.
STEM Learning Ltd
STEM Learning Ltd operates the National Science Learning Centre as a joint venture between the University of York, University of Leeds, University of
Sheield and Sheield Hallam University.
N Ltd
The N research partnership is a collaboration between the Universities of Durham, Lancaster, Leeds, Liverpool, Manchester, Newcastle, Sheield and
York. The University of York has a  share of the company.
The transactions during the year between the University and these organisations were:
Notes to the accounts (continued)
70
Annual Report and Financial Statements 2023
Income to the
University
Expenditure
incurred by
the University
Balance due to
the University
Balance due
from the
University
   
University of York International Pathway College LLP    -
Student Accommodation Provision LLP    -
Student Accommodation Provision Two LLP    -
STEM Learning Ltd    -
N Ltd -  - -
37. Related parties
Due to the nature of the University’s operations, it is inevitable that transactions will take place with organisations in which a member of the Council or
University Executive Board may have an interest. All transactions involving organisations in which a member of Council may have an interest, including
those identiied below, are conducted at arm’s length and in accordance with the University’s Financial Regulations and usual procurement procedures.
Graduate Students’ Association
The Graduate Students’ Association represents and supports postgraduate students. The association has close links to the University, and the University contributes
signiicant sums towards the Graduate Students’ Association’s running costs. One member of Council is the Graduate Students’ Association President.
Institute for Small Business and Entrepreneurship
The Institute for Small Business and Entrepreneurship is a network for people and organisations involved in small business and entrepreneurship research,
policy, education, support and advice. One member of the University Executive Board and Council is a non-executive director of the Institute for Small
Business and Entrepreneurship.
Institute of Physics Publishing
Institute of Physics Publishing produces a wide range of journals, websites and magazines for the scientiic community. One member of Council is a non-
executive director of Institute of Physics Publishing.
Kortext Ltd
Kortext Ltd is an online learning platform provider and publisher of digital textbooks. One member of Council is an advisory board director.
Maastricht University
Maastricht University is a public research university located in Maastricht, Netherlands. The University of York and Maastricht University are in a
partnership. Two members of the University Executive Board and Council are Board members of the partnership.
Make it York
Make it York is the destination marketing organisation of the City of York. The University works with Make it York to develop shared marketing and
communications in relation to economic development, city stakeholder engagement and other proile-raising activities. One member of the University
Executive Board and one member of Council are directors of Make it York.
National Institute for Health and Care Research
The National Institute for Health and Care Research NIHR is the government’s main funder of clinical, public health, social care and translational research.
One member of council is a programme director of NIHR.
National Trust
The National Trust is a charity and membership organisation for heritage conservation. One member of Council is a trustee of the National Trust.
North Eastern Universities Purchasing Consortium
North Eastern Universities Purchasing Consortium is a UK Higher Education purchasing consortium that has been established to deliver and manage a
wide range of collaborative framework agreements, designed to maximise third-party expenditure within the higher education sector. One member of the
University Executive Board is a director of the North Eastern Universities Purchasing Consortium.
PwC UK
PwC provides audit, assurance, taxation, advisory, corporate inance and legal services to its clients. The University Council has appointed PwC as the
internal auditor to the University. One member of the Council is an independent non-executive director of PwC UK.
Russell Group
The Russell Group is an association of  public research universities in the UK with a shared focus on research and a reputation for academic
achievement. One member of the University Executive Board and Council is a director of the Russell Group.
Science Museum Group
The Science Museum Group consists of ive British museums. One member of Council is a board member of the group.
Universities UK
Universities UK is the collective voice of  universities across the UK. One member of the University Executive Board and Council is a director of
Universities UK
University of York in America
The University of York in America is a non-proit organisation. With the help of alumni and friends, it supports the increase of educational opportunity
and quality of education and research at the University of York and other institutions. One member of the University Executive Board and Council is the
President of the University of York in America.
University of York Students’ Union
University of York Students’ Union represents and supports undergraduate students. University of York Students’ Union has close links to the University,
and the University contributes signiicant sums towards its running costs. One member of Council is the University of York Students’ Union President.
71
Accounts
Worldwide Universities Network
The Worldwide Universities Network is a higher education and research network that provides support to establish collaborative research. The University of
York is one of  members. One member of the University Executive Board and Council is a director of the Worldwide Universities Network.
Yorkshire Universities
Yorkshire Universities is the regional voice for higher education in Yorkshire and works to maximise the contribution of higher education to the region and
beyond. One member of the University Executive Board and Council is a director of Yorkshire Universities.
The transactions between the University and the above organisations are summarised below:
Income Expenditure
Balance due to
the University
Balance due from
the University
   
Graduate Students’ Association   - -
Institute for Small Business and Entrepreneurship - - -
Institute of Physics Publishing -  - -
Kortext Ltd -  - -
Maastricht University -  - -
Make it York - - -
National Institute for Health and Care Research  - -
National Trust - -
North Eastern Universities Purchasing Consortium -  - -
PwC UK -  - -
Universities UK -  - 
University of York in America   - -
University of York Students’ Union   
Worldwide Universities Network   - -
Yorkshire Universities  - -
The total expenses paid to :  Council members was : . This represents travel and subsistence expenses incurred in
attending Council and meetings in their oicial capacity.
No fees or other forms of remuneration are paid to lay members of Council.
38. US Department of Education Financial Responsibility Supplemental Schedule
In satisfaction of its obligations to facilitate students’ access to US federal inancial aid, the University of York is required, by the US Department of
Education, to present the following Supplemental Schedule in a prescribed format.
The amounts presented within the schedules have been:
y prepared under the historical cost convention, subject to the revaluation of certain ixed assets;
y prepared using United Kingdom generally accepted accounting practice, in accordance with Financial Reporting Standard FRS  and the
Statement of Recommended Practice: Accounting for Further and Higher Education  edition;
y presented in pounds sterling.
The schedules set out how each amount disclosed has been extracted from the inancial statements. As set out above, the accounting policies used in
determining the amounts disclosed are not intended to and do not comply with the requirements of accounting principles generally accepted in the
United States of America.
Notes to the accounts (continued)
72
Annual Report and Financial Statements 2023
Year ended
 July 
Year ended
 July 
Restated
Primary Reserve ratio  
Expendable net assets
Net assets without donor restrictions
Balance sheet total 
less Net assets with donor restrictions below
 
Net assets with donor restrictions
Financial Statements Note  line 
plus Financial Statements Note  line 
 
Perpetual funds with donor restrictions
Financial Statements Note  line 
 
Property, plant and equipment – pre-implementation
Financial Statements Note  line  Freehold land and buildings 
plus Leasehold land and buildings 
plus Equipment 
 
Property, plant and equipment – post-implementation
Financial Statements Note  line , Freehold land and buildings 
plus Leasehold land and buildings 
plus Equipment 
minus Property, Plant and Equipment – pre-implementation above
 
Construction in progress
Financial Statements Note  line 
 
Goodwill, intangible assets
Balance sheet line 
 
Post-employment and pension liabilities
Balance sheet line  Pension provisions 
less Balance sheet line , Pension asset 
 
Note payable and Line of Credit for long-term purposes both current and long-term and Line of Credit for
Construction in Progress pre-implementation.
Financial Statements Note  line 
plus Financial Statements Note  line  and line 
 
Note payable and Line of Credit for long-term purposes both current and long-term and Line of Credit for
Construction in Progress post-implementation
Financial Statements Note  line 
 
Total expendable net assets  
Year ended
 July 
Year ended
 July 
Restated
 
Total expenses and losses
Total operating expenses without donor restrictions
Financial Statements Note  line 
less Financial Statements Note  line 
less Financial Statements Note  line 
less Financial Statements Note  line 
less Financial Statements Note  line 
 
Non-operating investment return appropriated for spending, Investments, net of annual spending gain, Other
components of net periodic pension costs, Pension-related changes other than net periodic pension, Change in value
of split-interest agreements and Other gains loss
SOCI* line 
plus SOCI* line -
plus SOCI* line -
plus SOCI* line -
plus SOCI* line 
plus SOCI* line 
plus SOCI* line 
less Financial Statements Note  line 
less Financial Statements Note  line 
less Financial Statements Note  line -
less Financial Statements Note  line 
 
73
Accounts
Year ended
 July 
Year ended
 July 
Restated
 
Investment return appropriated for spending and Investments, net of annual spending, gain/loss
SOCI* line 
plus SOCI* line -
plus SOCI* line -
less Financial Statements Note  line 
less Financial Statements Note  line -
less Financial Statements Note  line 
 
Pension-related changes other than periodic pension
SOCI* line 
 
Total expenses and losses  
*SOCI – Statement of comprehensive income
Year ended
 July 
Year ended
 July 
Restated
Equity ratio  
Modiied net assets
Net assets without donor restrictions
SOFP* line 
plus Financial Statement Note  line  Unrestricted permanent endowments 
 
Net assets with donor restrictions
Financial Statements Note  line , plus Financial Statements Note  line 
 
Goodwill, intangible assets
SOFP* line 
 
Total modiied net assets  
Modiied assets
Total assets
SOFP* line 
plus SOFP* line 
less SOFP* line 
 
Goodwill, intangible assets
SOFP* line 
 
Total modiied assets  
*SOFP  Statement of Financial Position, Balance Sheet
Year ended
 July 
Year ended
 July 
Restated
Net income ratio calculation  
Change in Net assets without donor restrictions
SOCI* line , less total of: Note  of Financial statements line , plus Note  of Financial
statements line , plus Note  of Financial statements line -, plus Note  of Financial statements line
, plus Note  of Financial statements line  plus Note  of Financial Statements line , plus
Note  of Financial statements line , plus Note  of Financial Statements line  and line 
 
Total operating revenues
SOCI* line , less line , less Note  of Financial statements line 
less Note  line  and line 
 
*SOCI – Statement of comprehensive income
74
Annual Report and Financial Statements 2023
WITH THANKS
Thank you to the entire community
of students, sta, alumni, donors and
volunteers who contributed to the
University of York in 2022/23.
Front cover image: Postgraduate students in front of Heslington Hall
Photography: Alex Holland
The University of York is
committed to environmentally
friendly sustainable printing.
Our Annual Report includes the
use of Forest Stewardship
Council® (FSC®) paper.
york.ac.uk
York YO10 5DD, United Kingdom