Financial Statements 2020
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JULY 2020 Liverpool John Moores University CONTENTS Operating and Financial Review 4 Public Benefit Statement 20 Board of Governors 28 Officers and Advisors of the University 29 Responsibilities of the Board of Governors 29 Corporate Governance 30 Report of the Auditors 40 Statement of Principal Accounting Policies 41 Statement of Consolidated Income and Expenditure 46 Consolidated and University Statement of Changes in Reserves 47 Consolidated and University Balance Sheets 48 Consolidated Cash Flow Statement 50 Notes to the Financial Statements 51 3 Liverpool John Moores University Liverpool John Moores University OPERATING AND Student numbers Student applications FINANCIAL REVIEW Scope of the Financial Statements civic and global engagement that builds and deepens our connections - within the city and across the globe - where These are the consolidated statutory accounts of Liverpool John these enrich the lives of our students, our city, and the broader Moores University and its subsidiaries for the year ended 31 July communities of which we are privileged to be part. 2020. We are seeking to realise this vision in a challenging external Our Strategic Plan for 2017-2022 climate. Patterns of demand are changing, competition is increasing, and the funding landscape is becoming more Our Vision constrained. Yet this is also a moment of opportunity, one which Our Vision is to be pioneering modern civic university, delivering will reward imagination, tenacity, relevance, conviction. We believe solutions to the challenges of the 21st century. we are well-positioned to thrive in this environment, and to realise our ambitions. Our Four Strategic Pillars field and ensure that all of our students, regardless of background, Outstanding Student Experience – a University that places Operations have access to career-transforming experiences, professional students at the heart of its endeavours and offers an enriching, networks and the means to secure & navigate a fulfilling future once supportive student experience offering dynamic opportunities to help Students they leave LJMU – this is important given a large proportion of our expand their horizons. LJMU is one of the largest Universities in the UK with 23,900 students come from backgrounds of disadvantage and lack the students in Liverpool plus a further 2,900 students enrolled on same levels of access and social capital as their peers elsewhere Excellence in Education – a University that delivers a accredited University courses overseas. Actual full time equivalent in Higher Education. Secondly, that we will lever our position as a transformative education marked by inquiry, discovery and numbers for 2019/20 were 22,001. This represents an increase of 6% pioneering modern civic university, making the boundaries between partnership between students and staff. compared with 2018/19. lecture theatre and workplace porous and establishing win-win Impactful Research and Scholarship – A University that supports partnerships with external partners that create opportunities for The 2019/20 recruitment was in line with the planning for 2019/20. and develops targeted areas of world-leading research excellence, students to progress their skills & knowledge in-situ, whilst also This was achieved whilst maintaining intake quality. where scholarship is central to the personal development of every making a strong positive contribution to our local economy and member of academic staff. As shown above, undergraduate student applications and community. recruitment via UCAS remains buoyant despite the very challenging Civic and Global engagement – A University with strong roots in The Strategy will act as the foundation and framework for Student environment that universities are facing. LJMU continues to operate the city that enriches its social and cultural life, where innovation and Advancement’s work of the next four years. Established in 2018/19, very effective widening participation and outreach activities. The enterprise drive economic growth in partnership with business and the Student Advancement directorate brought together for the first University is a partner in the Merseyside Collaborative Outreach industry. time our Careers service, Employer Engagement team and LJMU’s Programme. award-winning Centre for Entrepreneurship, which offers a spectrum Our Values In total, 56 new programmes were approved for development of support for students to research & develop new business in 2019/20 of which 21 were Postgraduate taught and 35 ideas and progress them to start-up. During 2019/20, Student Excellence – We strive for the highest standards in everything we do undergraduate. Advancement has been expanded to include Unitemps at Liverpool John Moores University (registered as LJMU Recruitment Agency). Transformation – We believe in the power of education to drive The university continued to ensure that, wherever possible, Launched in autumn 2019, Unitemps is LJMU’s wholly-owned on- transformation across social, cultural and economic boundaries programmes have Professional Statutory Regulatory Body campus recruitment agency, through which we proactively support accreditation. Of the 229 Key Information Set (KIS) course records Innovation – We are innovative and progressive with an our students to find part-time work in support of their study and our 113 accreditations are recorded, including multiple accreditations on entrepreneurial spirit; we think creatively about new ways to do things graduates to transition into professional-level employment. Unitemps some programmes. There are 76 distinct KIS programmes with one Partnership – We believe that by working in partnership we can at Liverpool John Moores University will improve connections to or more accreditations representing 33% of KIS records. achieve strong and lasting results degree-level talent for local employers and provide fresh structure to The Academic Registry continues to ensure a coherent and our internal student workforce. In the ten months Unitemps has been Leadership – We believe in leading the way, challenging convention consistent approach to quality assurance and enhancement across in operation, 2,520 students and recent graduates have registered for and breaking new ground the University. The University has built upon its exceptional outcome the service. 792 have been fully engaged in employment, receiving a Community – We believe in the power of sharing expertise, in the Higher Education Review by the Quality Assurance Agency total of £291,000 in pay. LJMU operates Unitemps under a franchise and of people coming together with a common purpose. (QAA), by further reviewing key processes. arrangement and the speed with which we have generated external business – rare within the franchise network, where new entrants The LJMU 2017-22 strategy as approved by the Board of An ambitious new Student Employability, Enterprise & Employment usually take up to two years to go external - was acknowledged in Governors sets out what these mean for our life as a University. Strategy for the university was agreed by our Academic Board on the form of an Initiative award to the Branch Manager as part of the It means an outstanding student experience, which expands the 11 March, the product of extensive consultation with students and National Unitemps Awards ceremony on 20 August. Most recently, horizons of students and offers rich opportunities for them to colleagues across LJMU. The Strategy takes a whole institution / Unitemps has sourced over 500 marshals to help maintain safety & develop their confidence, skills and character. It means excellence whole lifecycle approach and, once fully implemented, will represent social distancing as LJMU’s buildings reopen. in education, with contemporary curricula and innovative models of a gear change and reboot of LJMU’s support for its students’ & delivery that embed the knowledge and skills our students need. graduates’ careers, employability & enterprise development. Outlining The number of students benefitting from a 1:1 advice & guidance It means engaging in impactful research and scholarship that a broad range of actions under ten strategic themes, the Strategy is appointment with one of Student Advancement’s careers address the challenges of our day. And, it means founded on two key principles. Firstly, that we will level the playing professionals increased again this year – up from 3,740 in 2018/19 4 5 Liverpool John Moores University Liverpool John Moores University to 4,347 in 2019/20. Upon entering national lockdown at the end We continue to place emphasis on the importance of embedding of March, Student Advancement moved quickly to replicate our careers, employability & enterprise development within the curriculum designated Careers Zones - on-campus spaces located in areas of and the new Strategy will introduce fresh expectations for all high student footfall - as a virtual service. We are pleased to report, courses – to reference and develop employability skills & mind-set; given how challenging a period this has been for new entrants to the to provide opportunities for assessed work-based learning; and graduate labour market, that the number of appointments provided to guarantee there is an intervention at Level 6 that aims to ensure remotely between June and August 2020 was 36% up on the same ‘no student leaves without an onward plan’. During 2019/20, our period last year. team of Careers Advisors and Trainers delivered 987 hours of in- course