| 3.3 Corporate sustainability 3.3.1 Financial Sustainability
The UCAS financial strategy has been developed to ensure that appropriate financial and physical resource is available as and when it is required. The primary objective of the financial strategy is to ensure that the Company maintains a sound financial position by adopting a prudent approach to budgeting, by setting in place appropriate control measures so as to manage resources effectively and ensure that sufficient benefits are realised to provide funding for new developments.
In summary, the financial strategy operates within the following controls:
- Maintenance of sufficient reserves to cover at least three months expenditure
- Delivery of a surplus of at least 5% of turnover
- Reduction of the final salary pension scheme deficit by making additional payments over and above those prescribed by the scheme actuary
- Availability of sufficient investment funds as would reasonably be required by the Company to fulfil its objectives
3.3.2 Commercial Sustainability
UCAS recognises that understanding and monitoring its business environment will alert it to potential threats and opportunities at an appropriately early stage. In undertaking this process, UCAS makes use of various standard analytical management tools. In addition, strenuous efforts are made to ensure continuous interaction with all the Company's stakeholders and the wider higher education environment via the activities of the Policy and Communications and Business Development Departments, as well as of the Chief Executive's personal office.
The management of risks is a central issue in the planning and management of a sustainable Company. UCAS has in place a risk management strategy, the overriding objectives of which are to ensure that UCAS recognises, understands and effectively manages the risks and maintains an appropriate balance between risk and reward to support the achievement of strategic aims and objectives.
There is a hierarchy of risk management, divided between the Directorate (generally, high-level, strategic risks) and departments (generally, operational risks). To support this hierarchy a series of registers have been put together documenting the risks, giving an indication of their likely occurrence and impact, and providing an outline of the measures required both to minimise the likelihood and to deal with and actual contingency. The Directorate has overall responsibility for ensuring that UCAS effectively identifies and manages risks, whilst the Audit Committee has responsibility to review the Risk Management Strategy and report its findings to the UCAS Board.
It is the policy of UCAS to maintain its Business Continuity Plans (BCP) to facilitate the prompt and efficient recovery of essential operations from any incident or physical disaster occurring at its premises. To ensure that the BCP fully meet the changing needs of UCAS, the plans are regularly exercised and are reviewed annually. The BCP recognise the paramount importance attached to the safety of staff and other occupants of the building, and are designed to enable a return to normal operations in the shortest practical time and with the minimum of disruption.
3.3.3 Social Responsibility
As a major local employer and member of the wider Cheltenham community, UCAS believes it has responsibilities towards the town and surrounding area at both corporate and personal levels.
Within its local community, UCAS provides sponsorship for a number of local initiatives, such as the Gloucestershire Young People of the Year Awards. In addition, it is represented on the Board of the Gloucestershire Education and Business Partnership, which provides the main focus for employees' involvement in community activities, such as reading schemes, mentoring and mock interviews within local schools. Where it can, UCAS also encourages and supports staff in contributing to the community through various charity events and sponsorships.
UCAS recognises its responsibility under the Disability Discrimination, Race Relations, Sex and Age Discrimination Acts and is committed to a policy of equal opportunities for all and for all areas of its business, for ensuring not only that individuals seeking employment with or employed by UCAS are selected and treated on the basis of merit and ability, but also that it provides its services to all its customers to ensure equality of access to the service provided. Thus, UCAS will never knowingly treat any of its applicants, staff, staff of member institutions or customers any differently due to their disability, race, sex or age or via any other form of unlawful discrimination. UCAS further recognises the responsibilities that fall upon member institutions in respect of equalities legislation and will do all that is reasonably possible in fulfilling these responsibilities, in so far as they relate to provision of those services that member institutions ask UCAS to undertake on their behalf.
3.3.4 Employee Welfare and Development
UCAS appreciates that its success and longevity can, ultimately, only be achieved through its staff. For this reason it seeks to ensure that staff are well treated, are encouraged to develop and progress, and are appropriately rewarded for their contribution to the Company. These aims are achieved via the adoption of good human resource management practice and of a number of initiatives, the combined effect of which has been recognised by the Company being able to obtain Investor in People (IIP) status and the Business in the Community Health, Work and Well Being Award. Amongst other things, staff are encouraged to use the volunteering activities outlined above to help with personal and professional development.
The Company believes the presence of a stable, well-motivated and appropriately rewarded workforce to be of great importance to the long-term wellbeing of UCAS. Apart from the experience and stability brought to day-to-day operations, well-motivated and trained staff are more open to change and flexibility in their approach to work. A good reputation in the local community also makes it easier for the Company to recruit to vacant posts when the need arises.
3.3.5 Environmental Sustainability
As an organisation that encourages people to invest now for a better personal future, UCAS appreciates the parallel principle underpinning environmental sustainability.
UCAS recognises that its activities impact upon the environment through its core and peripheral operations, its business development and its influence and effects on the wider community.
Thus, in addition to a commitment to comply fully with environmental legislation, the Company is also pledged to continued efforts to:
- Promote understanding of and a sense of responsibility for the environment amongst staff via education and 'green' initiatives, so that environmental consideration is embedded in all company activities
- Work with other agencies to promote understanding of and a sense of responsibility for the environment within the HE sector, particularly in relation to the admissions process
- Reduce the consumption of resources (such as paper and plastic), particularly where these are obtained from non-sustainable sources
- Promote a purchasing policy which gives preference, as far as practicable, to those products and services which cause the least harm to the environment
- Promote, wherever possible, the recycling of waste materials
- Reduce the consumption of fossil fuels and incorporate long-term strategies for energy efficiency into planning and development
- Encourage and facilitate modes of transport by staff which minimise environmental impact and apply environmentally friendly principles to the operation of company vehicles
- Maintain the grounds and buildings of the Company in an environmentally sensitive way, having regard to protection of local natural habitats
It is intended, within the near future, to submit the Company for ISO 14001 environmental sustainability accreditation.
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