FINANCIAL STATEMENTS 2020 Contents
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The UK’s European university ANNUAL REVIEW / FINANCIAL STATEMENTS 2020 Contents 1 Introduction by the Vice-Chancellor and President 2 Highlights of the year 5 Membership of Council 6 Principal Officers 8 University public benefit statement 16 Strategic Report 32 Statement of corporate governance & internal control 36 Statement of the responsibilities of the University’s Council 37 Report of the independent auditors to the Council of the University of Kent 39 Financial Statements 39 Consolidated statement of comprehensive income and expenditure 40 Statement of changes in reserves 41 Consolidated statement of financial position 42 Consolidated statement of cashflows 43 Statement of principal accounting policies 48 Notes to the accounts 70 Awards, appointments, promotions & deaths www.kent.ac.uk 1 INTRODUCTION I am pleased to introduce this year’s annual review which covers what has possibly been one of the most challenging periods in the University’s history. Everyone has been affected by the Covid-19 pandemic, of course. However, I want to pay a huge tribute here to the University’s staff and students who have had to adjust to extremely testing circumstances. Over the space of a few weeks we had to change the way that we deliver our teaching; arrange a new system of online exams; and switch our working methods to enable the majority of staff to work from home and ensure that those who were required to work at the university were as safe and secure as we could possibly arrange. At the same time, many of our staff, both academic and professional have been making substantial contributions to the national efforts to respond to Covid-19 – from supplying PPE to engaging in cutting edge research. Our students in turn had to adjust to radically new ways of studying and living at a time when they themselves will have been under great personal stress. We are naturally keeping all arrangements under constant review to maximise learning outcomes and the student experience. Alongside the many challenges presented by Covid-19, Notwithstanding these developments, the last year has also over the last year we have also been responding to the seen some remarkable milestones as we continue to longer-term need to address an underlying financial deficit, transform lives through our education and research. In resulting from our downturn in student recruitment in February, it was an enormous privilege to attend a ceremony 2018/19 and 2019/20, and the wider challenges facing the at Buckingham Palace for the award of a Queen’s Higher Education Sector. We are making good progress in Anniversary Prize to the Durrell Institute of Conservation and changing the size and shape of the university through Ecology. In September, the new Kent and Medway Medical managed contraction in some areas and expansion in School (run jointly with Canterbury Christ Church University) others. We have also largely completed a restructuring that opened its doors to Kent’s first cohort of medical students. will make our administrative processes leaner and more efficient. I want to thank all those staff who have made this We have great opportunities ahead, building on the solid happen during what was already a difficult period. And we foundations we have now put in place. Over the coming are continuing to implement a Financial Improvement Plan years I look forward to working with colleagues as we that has been focused on identifying £17.3m in staff cost implement a range of new initiatives – our new Signature savings by the end of 2022/23. Through bringing forward Research Themes, Higher Degree Apprenticeships, Online plans for staff reductions and reducing non-staff costs and Learning opportunities and the Institute for Cultural and expenses we have already identified £14.1m of this. Creative Industries. Our aim remains, as it has for more than 50 years, to create new opportunities and insights that will benefit society, both in our own region and across the world. Professor Karen Cox Vice-Chancellor and President 2 UNIVERSITY OF KENT / ANNUAL REVIEW AND FINANCIAL STATEMENTS 2020 HIGHLIGHTS OF THE YEAR Queen’s Medical milestone award Just over 100 founding medical students started studies at the county’s first medical Highly prestigious school, Kent and Medway Medical School Queen’s Anniversary (KMMS). Prize for Higher and Further Education presented to the Durrell Institute of Conservation and Ecology (DICE). Covid protection One Hour Degree 3D face shields Online simulation produced by five game launched for Kent academic potential students schools helped and later shortlisted protect Pilgrims for Guardian Hospices and other University Award local care providers. 2020 – Digital Innovation category. Arts for all THE Award £100,100 Arts Council Inspiring work of our grant awarded to ‘Outstanding Library Gulbenkian Team’ recognised arts centre to with a Times Higher transform its Education Award café/foyer 2019. space. www.kent.ac.uk 3 Signature research £760,000 Kent’s first Signature Research consortium led by Research Themes Dr Neil Kad of the School of selected: Migration and Biosciences, awarded Movement; Future Signature £760,000 by BBSRC for UK Human; and Food Research first in lab equipment. Systems, Natural Themes Resources and Environment. Climate change Apprentice graduates University support First cohort from for Canterbury the University’s City Council’s apprenticeship commitment to scheme graduated with reduce its carbon BSc (Hons) in Applied emissions to net Bioscience/Chemical zero by 2030. Sciences at Rochester Cathedral. Lucky 13 Business support Best University Accommodation Responding to Covid-19, Kent’s business for Groups award presented and innovation gateway team held free to Kent for the 13th year in webinars to support business recovery in a row at the Group Travel the region. Organiser Awards. 13 4 UNIVERSITY OF KENT / ANNUAL REVIEW AND FINANCIAL STATEMENTS 2020 www.kent.ac.uk 5 MEMBERSHIP OF THE COUNCIL Membership of the Council Chair of the Council Sir David Warren (to 31 July 2020) Dame Ursula Brennan (from 1 August 2020) Deputy Chair of the Council / Chair of the Finance and Resources Committee Bob Scruton Vice-Chancellor and President Professor Karen Cox Senior Deputy Vice-Chancellor and Provost David Nightingale (to 31 July 2020) Senior Deputy Vice-Chancellor and Chief Operating Officer Denise Everitt (to 31 July 2020) Deputy Vice- Chancellor for Academic Strategy, Planning and Performance Professor Georgina Randsley de Moura (from 1 August 2020) Deputy Vice-Chancellor for Education and Student Experience Professor Richard Reece (from 1 August 2020) President of Kent Union Sasha Langeveldt (to 31 July 2020) Joshua Frost (from 1 August 2020) External members Colin Carmichael Martin Cook Neil Davies Sarah Gibson Kim Lowe Gabriel MacGregor Angela McNab (to 31 July 2020) Mark Malcolmson Andrew Newell Mark Preston Sir David Warren Staff and Student representatives Mark Ellis Dr Owen Lyne Professor Charlotte Sleigh (to 31 July 2020) Zarafshaan Tahir Zoe Wood Laura Carlin (to 24 August 2020) Patrick Stillman (from 24 August 2020) Professor Iain Wilkinson (from 1 October 2020) Total Membership 25 Secretary of the Council Dr Keith Lampard (to 29 May 2020) Dr Sinead Critchley (from 30 May 2020) The Chairs of Council committees were as follows: Audit Committee Andrew Newell Ethics Committee Sarah Gibson Finance and Resources Committee Bob Scruton Honorary Degrees Committee (Joint Committee with Senate) Professor Karen Cox Lay Nominations Committee Sir David Warren (to 31 July 2020) Dame Ursula Brennan (from 1 August 2020) Remuneration Committee Sir David Warren (to 31 December 2019) Dame Ursula Brennan (from 1 January 2020) Safety Health and Environment Executive Committee Denise Everitt (to 16 October 2020) 6 UNIVERSITY OF KENT / ANNUAL REVIEW AND FINANCIAL STATEMENTS 2020 PRINCIPAL OFFICERS Visitor The Lord Archbishop of Canterbury Chancellor Gavin Esler Chair of the Council Dame Ursula Brennan Vice-Chancellor and President Professor Karen Cox Deputy Chair of the Council Bob Scruton Deputy Vice-Chancellor, Academic Strategy, Planning and Performance Professor Georgina Randsley de Moura Deputy Vice-Chancellor, Education and Student Experience Professor Richard Reece Interim Deputy Vice-Chancellor, Research & Innovation Professor Shane Weller Chief Financial Officer Lisa-Jane Crudgington-Higham Director of Human Resources and Organisational Development Alison Ross-Green Director of the Division of Arts and Humanities Professor Simon Kirchin Director of the Division of Natural Sciences Professor Claire Peppiatt-Wildman Director of the Division of Computing, Engineering and Mathematical Sciences Professor Peter Hydon Director of the Kent Business School Professor Marian Garcia Director of the Division of Human and Social Sciences Professor David Wilkinson Director of the Division for the study of Law, Society and Social Justice Professor Toni Williams Dean of the Graduate and Researcher College Professor Paul Allain Dean for Europe Professor Jeremy Carrette Dean for Internationalisation Dr Anthony Manning Dean of the Kent and Medway Medical School Professor Christopher Holland Director of Governance and Assurance (Secretary to Council) Dr Sinead Critchley www.kent.ac.uk 7 8 UNIVERSITY OF KENT / ANNUAL REVIEW AND FINANCIAL STATEMENTS 2020 UNIVERSITY’S PUBLIC BENEFIT STATEMENT The University of Kent is an exempt Covid-19 charity regulated by the Office for As for all institutions, the University’s 2019/2020 year was greatly affected Students (OfS). The