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Annual Report and Financial Statements for the Year Ended 31 July 2020

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Annual Report and Financial Statements for the Year Ended 31 July 2020 Annual Report and Financial Statements For the year ended 31 July 2020 3 Contents Page 4 Page 52 Officers and advisors Statement of the Court of Governors’ responsibilities Page 5 Court of Governors Page 54 Independent auditor’s report Page 6 Summary of key statistics to the Court of Governors Page 56 Page 8 Vice-Chancellor’s foreword Consolidated and University statement of comprehensive Page 10 income and expenditure Strategic review Page 57 Page 28 Consolidated and University Pride in our People statement of changes in reserves Page 32 Page 58 Financial review Consolidated and University Page 40 balance sheet Public benefit Page 59 Page 40 Consolidated cash flow statement Governance review Page 60 Page 42 Statement of principal Corporate governance statement accounting policies and statement of internal control Page 66 Page 50 Notes to the accounts Annual remuneration statement 3 Officers and advisors Vice-Chancellor Sir 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 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 Insurers UM Association Limited and Hasilwood Management Services Limited 4th Floor, 5 St Helen’s Place, London, EC3A 6AB arts.ac.uk 4 Court of Governors Independent members Hussein Barma (appointed 10 September 2020) Es Devlin OBE RDI (reappointed 1 October 2020) Harry Gaskell (reappointed 23 October 2019) Andrew Hochhauser QC (reappointed 1 December 2019) David Isaac CBE David Lindsell (retired 31 August 2020) Scott Mead (reappointed 1 December 2019) Louise Moore (reappointed 1 October 2020) Jane Slinn (retired 31 August 2020) Nicolai Tangen (retired 31 July 2020) Ben Terrett RDI (reappointed 1 September 2020) Alison Woodhams Vice-Chancellor Sir Nigel Carrington ex officio Members nominated Theresa Finnigan (retired 31 August 2019) by academic board Professor Susan Orr (retired 31 August 2019) Darla-Jane Gilroy (appointed 1 September 2019) Student member Anita Israel (retired 7 July 2020) Eleanor West (appointed 8 July 2020) Co-opted members David Fison (reappointed 1 April 2020) Diane Gowland Sim Scavazza (reappointed 1 September 2020) Sir Eric Thomas Co-opted staff members Kyran Joughin (reappointed 1 September 2020) Matthew Phull (reappointed 1 September 2020) Clerk Stephen Marshall 5 Summary of key statistics 6 Colleges 3 Institutes 20,510 students 1,475 academic, research and technical staff 2,384 associate lecturers 1,642 support staff Number of students at the University by course level 1,548 15,340 3,622 Further education Undergraduate Postgraduate Our student profile 44% 15% 41% United Kingdom EU Other international arts.ac.uk 6 Number of students Number of students at taught by Awarding Body the University by subject Communication and Graphic Design 2,237 Fashion Design 2,106 65,430 Fine Art 2,101 Business and Management and Science 2,060 Journalism, PR, Number of students Media and Publishing 2,020 taught by Short Courses FE and Preparation for HE 1,929 Animation, Interactive 1,316 11,635 Film and Sound Theatre, Screen and Performance Design 1,154 Illustration 978 Architecture and Spatial Design 937 Photography 917 Textiles and Materials 812 3D Design and Product Design 647 Accessories, Footwear and Jewellery 481 Curation and Culture 435 Postgraduate Teaching 380 7 Vice-Chancellor’s foreword I am very glad to report that UAL remains well positioned to deal with the current year’s challenges After every major shock to our society, World University Rankings by Subject. We I am very glad to report that UAL remains creativity resets our understanding of what have radically changed the ways in which well positioned to deal with the current it is to be human, social and fulfilled. All our we teach, in a year which reshaped every year’s challenges. This will ensure that we hard experiences are translated through assumption about the nature of education. can absorb the additional costs of dealing culture into our common life, often by I am proud to pay tribute to the intense, with the impact of the pandemic. Our UAL graduates. collaborative efforts by our academics, continuing strong financial performance technicians and professional staff, working reflects excellent work across the University to The creative industries and UAL itself in the most difficult circumstances, and protect the student experience by deep cuts became a university shortly before the great the positive spirit in which our students to back-office costs and a pause in some recession in 2008, the year in which I joined approached the necessity of moving all of non-essential projects. Our rapid and effective the institution as Vice-Chancellor. Since then, our learning online in March. response to the financial dislocation of the the global need for creativity has surged, and pandemic in the year has prepared us well for UAL’s fortunes have risen with those of the Alongside our achievements in tertiary the even more challenging year to come. creative industries. education, lifelong learning remains one of our core commitments, further underlined by With some symmetry, I leave UAL in early Art & Design is a restless discipline and our launch of Future Creatives, an initiative 2021 with another recession in view, and as we have reshaped ourselves over that which addresses the destruction of creative the world comes to terms with pandemic, time, with two-thirds of our courses now education in UK primary and secondary scarcity and climate emergency. These will in contemporary fields, such as screen, education through high-quality, co-curricular require insight, ingenuity and resilience. But performance and creative computing. Our art classes for seven to seventeen year-olds. the strength and importance of our creative initiatives in 2020 include the pilot year graduates lies in their ability to help the world of UAL’s Decolonising Arts Institute and UAL is the top university in the UK for confront and solve ever-greater problems at a a renewed determination to become an graduate entrepreneurs and almost a fifth human scale. anti-racist university, under the aegis of of our graduates go on to run their own Naina Patel as our Race Champion. Other businesses. The creative industries are a I therefore have every faith in the continued flagship projects include the new MA in challenging sector in which to operate, all the success of this formidable university, its Internet Equalities from UAL’s Creative more so under lockdown, and we support staff and students. And I would like to thank Computing Institute and our exploration of this enterprising spirit at every stage. For everyone – staff, students and the wider UAL public attitudes to difference with autistic example, UAL’s Business of Fashion, Textiles family – with whom I have had the pleasure to and learning-disabled co-researchers at the and Technology programme (supported by work over the last twelve years. Wellcome Trust. a major grant from the Arts and Humanities Research Council) recently awarded a £1.2 We have reinforced our reputation as a world- million package of bespoke support to 10 leading university, standing second in the fashion businesses for sustainable growth Sir Nigel Carrington arts.ac.uk world again for Art & Design in the 2020 QS and innovation. Vice-Chancellor 8 9 Strategic review Overview International students form 41% of our UAL supplies the world’s need for creativity. student body, with a further 15% drawn We are among the most renowned from EU27 countries. international institutions in arts, design, fashion, media, communication and Over 20,000 students study on 216 performing arts. Our critical mass and accredited courses in art and design at reputation enable us to take a leading role UAL. These cover all levels of study, from in the creative economy in the UK, Europe foundation diplomas and undergraduate and beyond. We actively influence global degrees through to postgraduate taught and cultural debates through the diversity and research degrees. UAL Awarding Body had international reach of our staff, students and more than 60,000 students registered on its alumni. qualifications in 2019/20 at more than 200 approved centres. As a creative university, our future is formed by the imagination, energy and skills of our UAL delivers an extensive range of non- staff, students, alumni, honoraries and the accredited short courses and study many academics from other institutions who programmes to over 12,000 students in work closely with us each year. this academic year. UAL Language Centre ran the Pre-sessional Academic English Our success is founded upon the specific programme for over 750 international histories, identities and achievements of our students aiming to progress to UAL FE and six constituent Colleges and three Institutes degree study, as well as the English and and their long engagement with creative, Arts programme. Study Abroad welcomed intellectual and professional life. over 480 students from 37 countries. UAL Short Courses Ltd taught 11,635 students We are internationally regarded as the UK’s on 1,386 courses, covering everything from pre-eminent provider of undergraduate art fashion design to user experience. and design education. In 2020 UAL retained our place at second in the world for Art UAL has agreements with 250 international and Design in the QS World Rankings by institutions under which students study at Subject. Demand for places is high, with UAL as part of exchange, Study Abroad, 31,487 applications for 5,303 undergraduate or through government sponsorship places in 2019/20. programmes. To date, UAL has been among the leading UK institutions for staff and student use of the Erasmus scheme which provides opportunities to study or work in another European country.
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