Freedom of Information

What We Spend & How We Spend It

Strategy and Management of Finance

Our Finance Office provides accounting, procurement and contracting services, helping to make best use of the University's resources and fulfilling its statutory responsibilities.

Information that may damage the University’s commercial interests will be excluded from publication.

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Financial Statements

Here you can find our financial statements.

University Investments

As part of the University's Socially Responsible Investment (SRI) Policy, details of the University’s investment portfolio will be published annually. This will allow for scrutiny by the University community.

As part of the University's Socially Responsible Investment Policy, details of the University’s investment portfolio, detailing individual stock holdings, will be published annually (in February). In addition, a quarterly sectoral breakdown of investment data will be published (in October, December, March and June). The publishing of individual stock holdings is subject to 6 month delay due to commercial sensitivities, however information on the sector breakdown is published quarterly for the information to the University community.
 
The University’ Socially Responsible Investment Policy details our approach to investment. Further to this policy, the University is committed to taking a holistic view of Environmental Social and Governance (ESG) criteria across its endowment funds, in line with its Sustainability Policy and objectives. Substantial progress in improving the ESG qualities of the University’s portfolio have been made since 2015 and measures to embed this further are ongoing. 
The University’s Climate Action Plan contains information on the carbon emissions associated with the University’s investments and details of actions underway to reduce these.

 
Details of the screens applied by each of the University’s investment managers are as follows:
 
Baillie Gifford
The University invests in the Global Alpha Choice Portfolio which is an ethically screened portfolio and excludes tobacco, adult entertainment, gambling, alcohol, armaments oil/tar sands and thermal coal. From November 2019, Baillie Gifford also exclude companies that make 10% of their revenue from coal, oil or gas extraction and production from this fund.
 
Royal London (RLAM)
The University invests in the Royal London Sustainable Leaders Trust and Royal London Ethical Bond which avoids tobacco, armaments companies and commodity extractors. RLAM has the highest possible UNPRI rating.
 
Aviva
The University invests in a multi-sector Alternative Investment Fund. The sectors are: commercial assets (16%), social housing (6%), ground rent (39%) and infrastructure income (39%). The infrastructure sector focuses on renewable energy.

 

Investment Portfolio 

April 2021: Ongoing monitoring of the University’s investments has identified an issue with the RLAM Ethical Bond in relation to its current position on investment within fossil fuel companies. This is under investigation by University Finance Committee and Executive Board and an update will be provided when available.

 

Quarterly Sector Analysis 

You will note that redactions have been applied; this is where the information constitutes personal data of a third party, and is therefore exempt under Schedule 2 Part 3 16(1) of the Data Protection Act 2018.

We hope this fulfils your request. If not, please let us know how we can do better. If you are unhappy with our response, you can ask the Information Commissioner’s Office to investigate. Details of how to do this can be found at: http://ico.org.uk/concerns

 

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Expenses

Find out information about expenses.

‌The details of the total sums claimed in expenses by the members of Executive Board (EB) are available to download as pdf documents below. The information is extracted from the University’s electronic expenses system. For each claim made by individuals the total expenses by category is given along with the total expenses claimed over the period. Some of the claims are for multiple journeys and this is highlighted on the pdf documents.

It is important to note that some of the travel expenses claimed by the members of Executive Board may be externally funded by third party organisations and the costs of the trips are reimbursed by them after the event.

The purpose of the electronic expenses system is a financial one. It is to monitor/report on levels of expenditure for various categories of expenses, not their details. The electronic expenses system does not record, nor does it need to record, the full details associated with each claim. For example, whether the mode of transport was first or standard class, the reason for the journey or the name of the hotel, is not recorded on the system.

In addition to their core role, each member of Executive Board has a different portfolio of recurrent and project responsibilities. The nature of the core role combined with the Executive Board portfolio and external responsibilities means that some members of Executive Board have to travel more extensively than others.

Purchasing card spend

Find out information about purchasing card spend.

The details of the purchasing card transactions made by the members of Executive Board (EB) are available to download as pdf documents below. The information is extracted from the Barclaycard system. Each purchase made by individuals is detailed by date and merchant. The Barclaycard system does not record the full details associated with each transaction. For example, the reason for the journey, the number of attendees dining at a restaurant, exact purchases made in a shop, etc. are not recorded on the system.

It is important to note that some of the expenditure incurred by the members of Executive Board may be externally funded by third party organisations and the costs are reimbursed by them after the event.

In addition to their core role, each member of Executive Board has a different portfolio of recurrent and project responsibilities. The nature of the core role combined with the Executive Board portfolio and external responsibilities means that some members of Executive Board incur greater expenditure than others.

Our banking details

The University places cash deposits with a number of banks in line with its counterparty policy, the list as at 31 July 2020 is available here:

Summary of Cash as at 31 July 2020

We have no bank branches or cash machines in any property owned or managed by the University.