Hartpury Annual Report July 2025

Hartpury University Annual Report and Financial Statements > 2024/2025

Finance KPIs and performance

Financial Results

For the year ended 31 July 2025, the Group generated a surplus of £4,172,247 before other actuarial gains and losses and after taxation (2024: surplus £2,283,345). The surplus on Total Comprehensive Income in 2024/25 includes a charge of £4,835,921 for pension costs (2024: £4,572,053), as per Note 20.

The table below shows key financial figures and ratios for the Group and its predecessor organisation.

2024/25 59,367 4,172 32,713

2023/24 55,689 2,262

2022/23 52,029 1.650

2021/22 48,500 (1,078)

Total income (£,000) Surplus/(Deficit) before other gains and losses (£,000) Income and expenditure unrestricted reserves (£,000)

29,219 52.4% 34.3% 29,834 53.6%

27,131 52.0% 32.6% 29,298 56.3%

22,311 46.0% 33.4% 30,140 62.1%

General reserve to total income Funding Body income as % of total Staff Costs (£,000) Staff Costs as a % of income

55.1% 34.4% 31,640 53.3%

The Group has accumulated reserves of £34,460,545 and cash and short-term investment balances of £6,589,133. The Group’s strategy is to accumulate cash balances to fund future capital projects.

Tangible fixed asset additions during the year amounted to £6,411,799. This was split between land and buildings constructed of £3,763,554, equipment purchased of £1,394,070, and assets under construction of £1,254,175.

The Group has five subsidiary companies as at 31 July 2025: Rudgeley Services Limited, Limbury Limited, Hartpury Rugby Limited, Hartpury College of Further Education, and Hartpury Football Club Limited.

The principal activity of Rudgeley Services Limited is the provision of transport services to the University. Limbury Limited was previously a property development and rental company but did not trade during the year ended 31 July 2025 and is currently being dissolved. Hartpury Rugby Limited was incorporated on 2 June 2017 and its principal activity is the provision of sporting services for Hartpury RFC. Hartpury College of Further Education provides education and training funded by the Education and Skills Funding Agency. Hartpury Football Club Limited was incorporated on 3 March 2025 and its principal activity is the provision of sporting services for Hartpury FC.

Gloucester Hartpury Rugby was incorporated on 19 October 2023 and is a joint venture between Hartpury University and Gloucester Rugby Limited. Its principal activity is the operation of the Gloucester Hartpury women’s rugby team.

Any surpluses generated by the subsidiaries are transferred to the University under Gift Aid. In the current year, the surpluses generated were £70,055, £nil and £20,942 for Rudgeley Services Limited, Limbury Limited and Hartpury Rugby Limited respectively, prior to any transfers to the University and taxation. Hartpury Football Club Limited has not prepared a full set of statutory accounts for the current period, as it represents only a four-month period following its inclusion within the Group. Hartpury College of Further Education has traded since 1 August 2018 and generated a surplus of £2,342,231 for the year ended 31 July 2025, prior to any transfers to the University and taxation.

Cash flows and liquidity £9.2m (2024: £13.7m), operating cash flow is more than adequate for operational requirements.

The University’s total borrowing and its use of long-term fixed interest rates have been calculated to ensure a reasonable margin between the total cost of servicing debt and operating cash flow.

Reserves Policy

The University seeks to achieve a return on income of at least 3%. In this way, it will increase reserves year on year, thereby strengthening the balance sheet, reducing the level of gearing, and ensuring ongoing compliance with bank covenants. A healthy level of reserves will also mitigate any movements in the Pensions Reserve. The generation of retained surpluses will allow the accumulation of cash for future investment in facilities.

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