Financial Statements Year Ended 31 July 2011
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Plymouth University FINANCIAL STATEMENTS 2011 WITH PLYMOUTH UNIVERSITY 2 PLYMOUTH UNIVERSITY Financial Statements for the year ended 31 July 2011 Contents Introduction 4 Board of Governors and Trustees 6 Advisers to Plymouth University 7 Operating and Financial Review Public benefit statement 9 Context 12 Overview: Economic impact of the University 14 Overview: Vision, mission, values and ambitions 16 Our people 17 Our ambitions 18 Financial review 32 Corporate Governance Statement 40 Independent auditors’ report to the Board of Governors of Plymouth University 44 Statement of principal accounting policies 47 Consolidated income and expenditure account 52 Consolidated statement of historical cost surpluses and deficits 53 Consolidated statement of total recognised gains and losses 54 Balance sheet 55 Consolidated cash flow statement 56 Notes to the financial statements 57 Plymouth University is the trading name of the University of Plymouth. 3 INTRODUCTION Plymouth University is a dynamic and innovative, world-class • Regional leadership and ‘anchor’ capacity institution which first started as a College of Navigation in The University is an ‘anchor’ institution within the 1862. Since then, the University has changed with the times, region. Through our brand, role as a major employer but remains true to its heritage, and is distinguished by a and active contribution to the development of regional pioneering spirit and enterprise-led approach. economic strategy, we are playing a critical leadership Our core activities of teaching and research are enriched by role. the emphasis of our people on discovery and innovation. We • Pushing forward cutting-edge research and are transforming lives through education, exerting a positive creating and commercialising research-led impact on our community through economic growth and innovation societal contribution. Through research, the University drives new growth At Plymouth, being enterprising is the ability to respond areas within the economy. As part of a global to change, take risks, to innovate and to generate and knowledge network, the University generates, implement new ideas and new ways of doing things. translates and diffuses research-led innovation. By Enterprise is having ideas and making them happen. exchanging knowledge with businesses and industry Plymouth University, the enterprise university, is an we can support its adoption and exploitation. ambitious, world-class institution and one of the largest • Delivering a knowledge workforce – change universities in the UK with over 30,000 students and 3,000 agents: starting, growing and supporting staff. We see our University’s role as an innovation catalyst enterprise – giving people skills for innovation and we see our people – staff, students and community partners – as catalysts for change and growth. Plymouth A graduate contributes between 20–48% greater University is driving and accelerating economic growth in productivity to the labour market over employees the South West region through: holding lesser qualifications. Together with investment in innovation and research, high-level skills are of crucial importance to productivity growth, particularly in a developed economy. • Exchanging/exploiting knowledge The University is both part of a region’s history and its future. Closely linked to the region’s marine and maritime legacy we are in a unique position to build on this heritage but also to drive adaption, change, renewal and regeneration within the regional economy. • Acting as a global knowledge hub to attract inward investment The University is an international organisation, operating across many countries and forming partnerships with global business. Working in partnership, the University has the capacity to leverage investment for the benefit of the South West regional economy. 4 Why we matter… • Our students contribute 11,000 hours of volunteering in the community a year • 12,000 students have placements every year • We work with 5,000 businesses a year • Top Green university 2010 (People & Planet) • Up 12 places to 53rd in Complete University Guide • Up two places to 47th in the Guardian league table • Improved Times league table position (from 61 to 58) • We are a top 40 UK research university with 80% of our research of an international standard • A ‘top 3 modern university’ (Sunday Times University Guide 2010) • 318th in the Times Higher Education world rankings of universities • Finalist in the Times Higher Education awards ‘Entrepreneurial University of the Year’ and ‘Excellence and Innovation in the Arts’ categories • We have world-leading expertise in robotics and one of the largest marine institutes in Europe • We are bucking the national trend on graduate prospects and employability – up 45 places • We have a £100m network of innovation centres across the South West linked into our incubation spaces and the only functioning science park west of Oxford • Queen’s Anniversary Prize for Higher and Further Education in recognition of our global research and education in the marine sector 5 BOARD OF GOVERNORS AND TRUSTEES (as at the end of the financial year) External Mr Nick Buckland OBE (Chair) Mr Duncan Currall Mr Mike Leece OBE Mr Terence Lewis Dr Noel Olsen term to 31.07.11 Mr Steve Pearce Mr Michael Pearson (Vice-Chair) Mr Stephen Pryor Ms Judith Reynolds Dr Ranulf Scarbrough Judge William Taylor Ms Maggie van Reenen Mr Adrian Vinken OBE term to 31.07.11 Internal Dr Mike Sheaff Ms Corinne Farrell term to 31.07.11 Student members Mr Ben Millward term to 31.07.11* Ms Seena Shah term to 31.07.11 Vice-Chancellor and Chief Executive Professor Wendy Purcell * Elections pending to replace as no longer a full-time student at the University. 6 ADVISERS TO PLYMOUTH UNIVERSITY External auditors Value Added Tax advisers PricewaterhouseCoopers LLP ECA VAT Advisers Limited Princess Court t/a Ellis Chapman & Associates 23 Princess Street Caledonian House Plymouth PL1 2EX Tatton Street Knutsford Internal auditors Cheshire WA16 6AG Mazars LLP Clifton Down House Corporation Tax advisers Beaufort Buildings PricewaterhouseCoopers LLP Clifton Princess Court Bristol BS8 4AN 23 Princess Street Plymouth PL1 2EX Bankers HSBC Bank plc 4 Old Town Street Plymouth Devon PL1 1DD Solicitors Wolferstans Deptford Chambers 60/64 North Hill Plymouth PL4 8EP Pinsent Masons 3 Colmore Circus Birmingham B4 6BH Martineau Johnson 1 Colmore Circus Birmingham B4 6AA 7 8 PUBLIC BENEFIT STATEMENT Plymouth University is an exempt charity under the terms of Student admissions, widening the Charities Act 1993. The Higher Education Funding Council for England (HEFCE) is the principal regulator of English participation and employability Higher Educations Institutions under the Charities Act 2006 The University supports the principles of public benefit and the Board of Governors of the University are charity through the educational and related facilities it provides to trustees of the University. its students and the wider community. The Board of Governors, as trustees of the University, has The University has a balanced and diverse student had due regard to the Charity Commission’s guidance on population from a variety of backgrounds and experience public benefit. The detail included within this statement and enjoys the educational and cultural benefits that demonstrates the ways in which the University has delivered this brings. Potential students are able to apply to the its charitable purposes for the public benefit. University regardless of geographical location, background and financial standing and a wide range of courses and Vision, mission and values programmes including two-year degrees and part-time study. The Instrument and Articles of Governance set out the University’s constitution, procedures, duties and The last Widening Participation Strategic Assessment which responsibilities. This supports the overall vision, mission, was submitted in December 2010 showed that the 94.6% of values and ambition of the University which are detailed in Plymouth’s students were from state schools and 37.4% were the strategic plan for 2009 through to 2012 and on page 15 from lower socio-economic groups. of the Operating and Financial review. The University has a well-established programme of outreach These values include the following key areas in activities designed to raise levels of attainment, aspirations relation to public benefit: and applications among under-represented groups. Further information can be found in our Access Agreement and • transforming lives through knowledge, in our Widening Participation strategy, available on the collaboration and partnership University website. • providing access to research informed The University ensures that students in genuine financial teaching and learning to all who can benefit need have access to advice and appropriate financial • undertaking world-class research of high- assistance. In 2010/11 £11.6m (2009/10: £8.1m) was spent impact to society and the economy on bursaries, scholarships and hardship payments. From 2012/13 the University will have a retention fund specifically • using our scholarship to influence regional, designed for students in financial need, as well the National national and international developments Scholarship Programme which will benefit over 350 students. • taking pride in our people and their achievements, Information is provided for students on the University nurturing and rewarding skills and talent website and student portal as well as face-to-face with University staff.