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R Eport and Financial Statements for the Year Ended 31 July 2018

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R Eport and Financial Statements for the Year Ended 31 July 2018 Report and Financial Statements For the year ended 31 July 2018 2 University of the Arts London Report and Financial Statements for the year ended 31 July 2018 www.arts.ac.uk 3 Contents 6 Officers and advisers 7 Court of Governors 8 Summary of key statistics 11 Vice-Chancellor’s foreword 12 Strategic review 17 Financial review 24 Public benefit 24 Governance review 26 Corporate governance statement 29 Statement of the Court of Governors’ responsibilities 30 Independent auditor’s report to the Court of Governors 32 Consolidated and University statement of comprehensive income and expenditure 33 Consolidated and University statement of changes in reserves 34 Consolidated and University balance sheet 35 Consolidated cash flow statement 36 Statement of principal accounting policies 40 Notes to the accounts www.arts.ac.uk 5 Officers and advisers Vice-Chancellor Nigel Carrington University Secretary Stephen Marshall and Registrar Principal office 272 High Holborn, London WC1V 7EY External auditor KPMG LLP Chartered Accountants 15 Canada Square, London E14 5GL Internal auditor PwC PricewaterhouseCoopers LLP 1 Embankment Place, London, WC2N 6RH Bankers Lloyds Bank Plc 39 Threadneedle Street, London EC2R 8AU National Westminster Bank Plc Piccadilly and New Bond Street 63 – 65 Piccadilly, London W1J 0AJ Solicitor CMS Cameron McKenna Nabarro Olswang LLP Cannon Place, 78 Cannon Street, London, EC4N 6AF Insurers UM Association Limited and Hasilwood Management Services Limited 4th Floor, 5 St Helen’s Place, London, EC3A 6AB 6 University of the Arts London Report and Financial Statements for the year ended 31 July 2018 Court of Governors Independent members Lorraine Baldry OBE (retired on 31 August 2018) Jamie Bill (retired 31 August 2017) Es Devlin OBE (appointed 1 October 2017) Harry Gaskell Andrew Hochhauser QC David Isaac CBE (appointed 1 September 2018) David Lindsell (reappointed 1 September 2017) Scott Mead Louise Moore (appointed 1 October 2017) John Parmiter (retired 22 October 2017) Jane Slinn (reappointed 1 September 2017) Sir John Sorrell CBE (retired 31 July 2018) Nicolai Tangen Ben Terrett (reappointed 1 September 2017) Alison Woodhams (reappointed 1 September 2018) Lola Young, Baroness Young of Hornsey, OBE (retired 11 July 2018) Vice-Chancellor Nigel Carrington ex officio Members nominated Theresa Finnigan by academic board Professor Susan Orr Student member Hansika Jethnani (retired 31 July 2018) Anita Israel (appointed 1 August 2018) Co-opted members Aisha Cahn (retired 18 November 2018) David Fison Diana Osagie Sim Scavazza (reappointed 1 September 2017) Sir Eric Thomas (reappointed 1 September 2018) Co-opted staff members Kyran Joughin (reappointed 1 September 2017) Matthew Phull (appointed 1 September 2017) Clerk Stephen Marshall www.arts.ac.uk 7 Summary of key statistics Number of students Six Colleges Awarding Body 19,238 students Short Courses Awarding Body 48,000 1,319 academic, research and technical staff 2,107 associate lectures Short Courses 18,516 1,860 support staff Number of students UK 48% at the University by course level Undergraduate 14,663 Further education 1,387 Our Postgraduate 3,188 student profile Number of students at International 37% the University by subject other EU 15% 3D Design and Product Design 557 Accessories Footwear and Jewellery 506 Animation Interactive Film and Sound 1,190 Architecture and Spatial Design 908 Business & Management and Science 1,901 Communication and Graphic Design 1,980 Curation and Culture 508 Fashion Design 2,045 FE & Preparation for HE 1,640 Fine Art 2,079 Illustration 853 Journalism PR Media & Publishing 2,087 Postgraduate Research 162 Photography 861 Textiles and Materials 828 Theatre Screen and Performance Design 1,133 8 University of the Arts London Report and Financial Statements for the year ended 31 July 2018 Number of students Six Colleges Awarding Body 19,238 students Short Courses Awarding Body 48,000 1,319 academic, research and technical staff 2,107 associate lectures Short Courses 18,516 1,860 support staff Number of students UK 48% at the University by course level Undergraduate 14,663 Further education 1,387 Our Postgraduate 3,188 student profile Number of students at International 37% the University by subject other EU 15% 3D Design and Product Design 557 Accessories Footwear and Jewellery 506 Animation Interactive Film and Sound 1,190 Architecture and Spatial Design 908 Business & Management and Science 1,901 Communication and Graphic Design 1,980 Curation and Culture 508 Fashion Design 2,045 FE & Preparation for HE 1,640 Fine Art 2,079 Illustration 853 Journalism PR Media & Publishing 2,087 Postgraduate Research 162 Photography 861 Textiles and Materials 828 Theatre Screen and Performance Design 1,133 www.arts.ac.uk 9 10 University of the Arts London Report and Financial Statements for the year ended 31 July 2018 Vice-Chancellor’s foreword Creativity stands with literacy and numeracy as the According to Government data, creative art and design has foundation of success in life, learning and the economy. the highest percentage of self-employed graduates out of UAL is therefore strongest when we go beyond the all subjects at one, three and five years after graduation. conventional boundaries imposed on creative education. The most recent figures show that UAL has the third highest In our new academic strategy, we position UAL to work number of graduate start-ups in the UK. We expect this across disciplines, across colleges, across sectors and in position to improve, thanks to our extensive enterprise symbiosis with STEM subjects, particularly technology. development support to students and graduates. This multi-disciplinary approach has already led to wide- Our alumni have enjoyed another good year. Andria ranging research collaborations on internationally significant Zafirakou, alumna of Central Saint Martins, won the Global subjects. Following a £5.5m Arts and Humanities Research Teaching Prize 2018 for her work at a North London school. Council (AHRC) research grant, UAL leads a consortium Her Majesty The Queen visited the front row for the first time of UCL, Loughborough, Cambridge, Leeds, Queen Mary at Central Saint Martins alumnus Richard Quinn’s London and the V&A to support the development of clusters in the Fashion Week show, presenting him with the inaugural fashion, textiles and technology industries. Separately, we Queen Elizabeth II Award for British Design. Wimbledon won a research award on anti-microbial resistance in the theatre design alumna Lubaina Himid was the first Black Indian poultry meat supply chain with Edinburgh University, woman to win the Turner Prize 2017, nominated alongside the Royal Veterinary College and Royal Holloway. And fellow Wimbledon alumnus Hurvin Anderson. UAL drawing we are working with Coventry University on how modest tutor Miriam Escofet won the 2018 BP Portrait Award fashion affects UK women’s working lives. at her fifth nomination for ‘An Angel At My Table’. Sarah Greenwood landed two of five Oscar nominations for Best We have established the Creative Computing Institute Production Design, including her work on Darkest Hour, in response to industry demand for a disciplinary bridge directed by alumnus Joe Wright. UAL alumni achieved six between technology and creativity. We have already British Fashion Awards, Sony World Photographer of the launched its first courses, and students will join the new Year, and Best Design at the Evening Standard Theatre BSc and MSc Creative Computing in September 2019. We Awards. And Central Saint Martins alumna Rungano Nyoni will shortly announce high-profile international professorial took home the Outstanding Debut BAFTA Prize for her and doctoral appointments in the research fields of machine feature ‘I Am Not A Witch’, thanking “all the people that said learning and artificial intelligence, alongside a number of no, frankly, because it really spurred me on”. major industry partnerships. On a personal note, I have been privileged to work with UAL shapes the agenda within our fields through disruptive UAL’s outstanding academics, technicians, students and thinking. I am especially proud of the outcome of the three- professional staff for the last 10 years. I have never been year Black Artists and Modernism research collaboration more excited about the future of this wonderful institution. with Middlesex University. This project aims to re-write Our growth in turnover over the last decade (rising to British art history, giving Black artists their rightful place at £308.9m this year) has been exceptional and places us the heart of narratives of modern and contemporary art among the leading London universities alongside Imperial, practice. Our new partnership with Iniva at Chelsea will UCL, Kings, Queen Mary and London School of Economics. build on this momentum in the years to come. Looking forward, UAL can credibly aspire to be counted UAL was again among the top 6 in the world for Art amongst the great universities of the world, because our and Design in the 2018 QS World University Rankings, academic influence and financial stability enable us to cementing our status as a global leader of art and design pursue an ambitious strategy. The world needs creativity education. This is because we operate in distinctive ways in all areas of society and public life, and across business, beyond our core academic mission. science and innovation. UAL is able and willing to play an important part in this, through a curriculum that embraces We are in the vanguard of academic engagement with the arts. industry through our knowledge exchange strategy, with arguably the greatest reach into the creative economy of any major institution. Our Awarding Body offers one of the most popular qualifications in further education and has a strong widening participation programme with schools and colleges. UAL Short Courses Limited leads the sector (with a turnover this year of almost £11.0 m), and we have created a suite of short courses that focus on creative business. Nigel Carrington Vice-Chancellor www.arts.ac.uk 11 Strategic review Overview International students from 113 countries form 37% of UAL supplies the world’s need for creativity.
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