Annual Report and Accounts 2019 - 2020 PB 1 Our Vision Building on our historical strengths and our reputation for excellence, we will contribute to society in Wales and the wider world by applying our knowledge to local and global challenges. Working within a supportive, welcoming and bilingual community, we will use our expertise to cultivate critical thinking, independent questioning and skills that equip our learners for lives of success. 2 2 3 Contents Our Vision 2 Vice-Chancellor’s introduction 4 Chair of Council’s annual review 6 Education and student experience 8 Research and innovation with impact 10 Contribution to society 12 International engagement 14 Welsh language and culture 16 Corporate governance and internal control 18 Statement of Council responsibilities in respect of the consolidated financial statements 20 University trustees 22 Financial Review 23 Public Benefit Statement 33 Professional advisors 35 Independent auditor’s report to the Council of the Aberystwyth University 36 Consolidated & University statement of comprehensive income 39 Consolidated and University balance sheet 40 Consolidated and University statement of changes in reserves 41 Consolidated cash flow statement 42 Statement of principal accounting policies 43 Notes to the financial statements 51 Images 74 3 2 3 Vice-Chancellor’s introduction The academic year Going forward the University will need to 2019-2020 was diversify its funding streams as well as both a successful identify further collaborations. and challenging year for the University. Capital projects have continued broadly on Significant progress schedule despite the impact of COVID-19 with has been made to some very significant awards and decisions. The ensure the ongoing Old College project was successfully awarded sustainability of the second stage Heritage Lottery Fund of the University both £9.7 million as well as £7 million from Welsh academically and Government and European funding. Fundraising financially. Building from trusts, foundation and individual giving is on the excellent student experience in the ongoing and to date a total of £19.8 million has previous year the University again performed been raised towards the planned project cost of extremely well in the 2019 National Student £27 million. In line with these ambitious plans, Survey with the highest score in overall student builders should be on site by spring 2021 with experience of any university in Wales or handover in 2023. Pantycelyn work remained on England. The Times and Sunday Times awarded target for the first students to take up residence Aberystwyth ‘Welsh University of the Year’ and in September 2020. Similarly, Aberystwyth noted our excellent performance. Innovation and Enterprise Campus (AIEC) also remained on schedule and slightly under Development of the academic portfolio budget. Commissioning of the building is now continued with the first admissions to an in place, as the facility becomes fully functional innovative, integrated Initial Teacher Education during the next academic year. The construction programme with both primary and secondary of our VetHub1 facility, including new Category pathways, seeing the return of primary teaching 3 laboratories, are also completed and being training to Aberystwyth. The programme was commissioned. Our ongoing investment plan in developed and is managed in collaboration current infrastructure, the Protect and Stabilise with partner schools across Ceredigion, programme, is continuing and will be key to the Powys and beyond. It is one of a number of Estates strategy which is in preparation. programmes designed to build the resilience of Ceredigion and the wider region, that were During the year, the University completed progressed during the year. The agreement its programme of measures to secure the with the Royal Veterinary College for the dual financial sustainability of the University – our degree in Veterinary Medicine together with the Sustainability Implementation Plan. Over the appointment and arrival of the first Professor in course of two years £11.7 million was saved on the discipline completes a long-held ambition a recurring basis as we worked collaboratively first reported in 1891. The University has also to ensure that the University’s expenditure appointed to the role of Head of Nursing as we matched its income. All operations were progress our bid to bring nursing to Aberystwyth examined over the term of the project, with University. many areas restructured to ensure appropriate staff / student ratios and embedding the faculty The University has undoubted research structure using a business partner model strengths and continues to build on these. between professional services and academic The departure from the European Union units. This was a difficult process for some areas which is a major source of research and of our institution, with a total reduction innovation funding, presents a risk. 4 4 5 in staff numbers by 159 FTE during this whole do. We have worked closely with Ceredigion process. However, this was a hugely significant County Council, Public Health Wales and development for Aberystwyth University. It Hywel Dda University Health Board. We are balanced the books, enabling us to grow from very grateful for their support as we continue a sustainable base, and this hard work fixed to respond to the challenges that COVID-19 the roof prior to the COVID-19 storm which hit has brought. the whole sector during the year. Applications to Aberystwyth showed a substantial The University continued to make progress increase - from Wales, the rest of the UK and with respect to matters of equality and diversity internationally, which is a continued sign of the during the year. This is an area where we do not University’s recovery. believe that progress is as rapid as we desire, and we look forward to making greater strides The University has achieved its budget in the in the coming year. last two years and again was on target to do so in 2019-2020. This would have been the first This has been a challenging year for many year it had achieved an operating surplus since people and I would like to record my thanks 2013-14. However, the COVID-19 pandemic to all staff members for all they have done, has had a major effect on the financial outcome particularly in the second half of the year. The of the University. Students were refunded their willingness with which people have embraced third term accommodation fees; commercial the need for flexibility in these very unusual services and the Arts Centre lost income. Given circumstances has been impressive. Colleagues the circumstances, we also planned for further have been committed to dealing with COVID-19 losses beyond the year, such as lost income while also working on their normal tasks as well from summer conferences and summer courses, as looking at strategic projects for the future. additional costs for introducing safety measures I would also like to thank students for working across campus, as well as ensuring students so well with us in enabling their education and were able to access educational material and to for being so understanding as their year ended participate in learning and teaching remotely. in a way which was so different to what they had hoped. COVID-19 has dominated the year in a number of major ways. Initially, there was the need The outlook for the coming year is one of both to ensure safety on and around campus and excitement and challenge. The challenges then to ensure the completion of the current are both financial and practical as we face an academic year enabling students to either academic year which will no doubt be heavily graduate on time or to progress to the next year, influenced by the global pandemic, and what provided the appropriate standards had been progress is made in restricting its effects. achieved. Staff have completed training However, for the beginning of the year at least, in digital learning to enable them to update and government’s decision to enable universities to develop their skills in this area as we moved welcome students back to campus will allow to blended learning – large group teaching us to do what we do best. That is to teach, virtually and smaller group and practical work to conduct research and to make a lasting in-person. It was with great sadness that we contribution to the lives of our students also postponed graduation until summer 2021 as well as our community. for the Class of 2020. These were among the range of actions we have taken in line with Professor Elizabeth Treasure our overarching objective of safeguarding our Vice-Chancellor students, staff and wider community in all we 5 4 5 Chair of Council’s annual review The Council has overseen the implementation of the Sustainability Implementation Plan which has stabilised the University’s finances and provided firm foundations from which the University can build and grow its teaching and learning, and research, programmes. We have also taken steps to strengthen our governance arrangements in line with the recommendations contained within the ‘Review of Governance of the Universities in Wales’ (the Camm review). This builds on the external This year will be long remembered as one of the governance review undertaken during early most challenging in the University’s history. The 2019. The improvements to the University’s impact of the COVID-19 pandemic continues governance arrangements over recent years to be felt across all aspects of the University’s are evident in the way that the institution has business. On behalf of the Council, I wish been able to quickly respond to the challenges to thank the Vice-Chancellor, all staff and which now face the sector. students, and all the stakeholders we have been working with over the past few months, Finally, the Council was delighted to note for responding so magnificently to the the progress made during the year with challenges.