Strategic Report and Financial Statements 2015 -16 University of Hertfordshire - Strategic Report | Contents | 3 Contents Introduction by Richard Beazley 4 Vice-Chancellor’s review of the year 5 Vision and values 6 Corporate structure 8 Officers appointed by the Board 9 Education 10 Research 14 Business 18 International 22 Sustainability 26 Community 29 People 33 Financial review and risks 38 Statement of corporate governance 41 Statement of internal control 43 Responsibilities of the Board of Governors 44 Financial statements 45 Report of the independent auditor to the Board of Governors of the University of Hertfordshire 46 Consolidated and University statement of comprehensive income and expenditure 47 Consolidated and University statement of changes in reserves 48 Consolidated and University balance sheets 49 Consolidated cash flow 50 Statement of principal accounting policies 51 Notes to the accounts 55 Governors and advisers 84 4 | Chairman University of Hertfordshire - Strategic Report | Vice-Chancellor | 5 Introduction by Richard Beazley Vice-Chancellor’s review of the year Chairman of the Board of Governors This ongoing investment in our students’ learning experience, Our estate is being developed and it is the enhancement to as well as the quality and relevance of our courses, is already the student teaching experience that is rightly at its heart. having a real impact on our graduates’ prospects. It is a crucial This year we unveil three new degree apprenticeships; part of being a strong, forward-looking institution that embraces Computing, Engineering and Technology, and Chartered change. Management starting in 2017. Designed to offer businesses bespoke development for their talented people, they empower This year we achieved a record employment rate, with 96.2% both employers and employees, offering an alternative route to of our graduates securing jobs or starting further study within degree qualification. six months of graduating. That impressive figure means we have the best graduate employment rate in the East of Every one of our courses is underpinned not only by expert England, and the 21st best in the UK, outscoring all of the industry insight but also by the powerful research we are Russell Group universities, including Oxford and Cambridge. It conducting here at the University. In 2016, we grouped this is something we should all be incredibly proud of. research into six focused themes, each one tackling some of the most pressing challenges of our times. From the global The Teaching Excellence Framework (TEF) poses big questions economy to information security, these themes enable us to of the University and the sector, in terms of measuring our explore in depth the issues businesses and communities will teaching quality, and we intend to meet that challenge. face in the years ahead. So, as we look back at the achievements we have made over While it is still unclear what the long-term results of Brexit will the past year, I would like to say a very big thank you to our be, our work will continue to be outward and internationally staff, students and the rest of the University Board. Once again, facing, informing debate, advancing technologies, it has been an honour to serve as Chairman. strengthening businesses, and securing bright futures for our students and partners worldwide. Here at the University of Hertfordshire we In a rapidly changing world, we are proud have had another remarkable year. Our Richard Beazley to be creating graduates equipped to November 2016 Professor Quintin McKellar CBE 2020 Estates Vision continues to come make a real difference. We are forging November 2016 to life, making our campuses ever more closer links with industry, tackling today’s inspiring places to live and learn, while most pressing research questions and our graduate employment rate has preparing for a positive post-Brexit future. reached a record high. The landscape may be shifting, but the University of Hertfordshire has always and will always embrace change, be This year we celebrated the completion of our ambitious it in the landscape of education, business, or technology. Our three-year accommodation development at College Lane. This focus remains firmly on high-quality, industry-relevant education huge project has created 2,500 new student bedrooms and that secures our reputation as the UK’s leading business-facing refurbished 500 more, while achieving true carbon zero status. university. The work was deemed outstanding by BREEAM, the industry body who evaluate the procurement, design, construction and Our record employment rate of 96.2% of our graduates in work operation of significant construction projects worldwide. or further study six months after graduation is testament to our success, as are the results of the 2016 National Student In 2016 we also completed the building of our landmark new Survey. Science Building. A striking contemporary learning space at the heart of College Lane that will bring together all our labs, In this year’s survey, students gave a number of our degree technology and research facilities under one roof, creating a courses the highest possible score. International Business, state-of-the-art environment for our students. Physics, Astrophysics, Radiotherapy and Oncology all scored 100% satisfaction while our BSc Dietetics became the highest- This is a visionary statement and the key part of our estates rated nutrition degree in the country. project, which includes £50 million investment in teaching facilities across our sites, an £18 million refurbishment of the I thank the dedicated staff who have made these courses so Main Building at College Lane, and a £5 million social venue at successful, and the students who took time to give feedback de Havilland. across all our courses, which we take extremely seriously and will take on board. 6 | Vision and values University of Hertfordshire - Strategic Report | Vision and values | 7 Public benefit supported by public donations, provides will ensure that we will continue to be an essential support so that no-one will be exemplar in the sector and we will play a The University of Hertfordshire is an put off continuing their studies because of leading role in addressing the economic exempt charity under the Charities Act money worries, and ensures that as many and social challenges facing the UK in 2011. opportunities as possible are open to increasingly competitive global markets. students during their time at the University. We are regulated by the Higher Education Innovative, creative and enterprising Funding Council for England (HEFCE), Via our Robotics in Therapy campaign, are still defining characteristics of our the principal regulator of English higher the University invests in research and University. We will continue to provide education institutions that are exempt development on the use of robots in flexible and transformational learning and charities on behalf of the Charity care and therapy to secure the future of commit to adding value to our partners. Commission for England and Wales. healthcare in crucial areas such as autism, We will deliver positive and productive diabetes and stroke rehabilitation. engagements with business, industry and During 2015-16 the Board of Governors the professions. as Trustees of the University continued Our key strategic objectives to have due regard to the Charity The University recognises that this strategy Commission’s guidance on public benefit We will deliver our vision by: cannot be delivered without our staff and the advancement of education. and has placed people at the heart of • Providing expert teaching informed by everything we do. The University seeks to deliver for the research, business and the professions. public good in all the work we do. • Offering workplace engagement and Key performance indicators As a primer for economic growth in overseas learning opportunities. Hertfordshire we seek to add value by • Creating and developing innovative Key performance indicators have been providing expertise and insight and be a ideas, products and processes. agreed by the Board of Governors. The stimulus for business development both • Fostering and strengthening research University believes these are appropriate in for the enhancement of business-facing with global partners. order to achieve its vision. These relate to: skills in our students and to the benefit • Developing international partnerships. of the local and wider economy. In all • Strengthening the global perspective in • Teaching. areas we seek to offer a transformational the curriculum. • Workplace learning / experience. experience to our students to improve their • Developing students with the • Research outputs. lives and opportunities. knowledge, skills and attributes to • International collaborative publications succeed in business and the that can be submitted to the Research Helping students develop into commercially- professions. Excellence Framework (REF) that Vision and values – strategic plan • Enhancing relationships with business are jointly authored with international aware, entrepreneurial leaders of the future is at the very heart of what the University and industry. collaborative partners. of Hertfordshire does. Our Enterprise Fund • Demonstrating and promoting our • Commercial income. 2015-2020 • Destination of Leavers from Higher turns brilliant business ideas into a reality. positive social, cultural and economic It offers talented students and graduates impact. Education (DLHE). financial awards