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FINANCIAL STATEMENTS Challenging Traditional Thinking and Challenging Traditional We Make the Exceptional Happen by We

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FINANCIAL STATEMENTS Challenging Traditional Thinking and Challenging Traditional We Make the Exceptional Happen by We UNIVERSITY OF EXETER FINANCIAL STATEMENTS 2015/16 STATEMENTS UNIVERSITY OF EXETER FINANCIAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2016 We make the exceptional happen by challenging traditional thinking and defying conventional boundaries FINANCIAL STATEMENTS 2015 - 2016 CHANCELLOR CONTENTS Lord Paul Myners of Truro CBE Vice-Chancellor’s Executive Group and Advisors VICE-CHANCELLOR’S EXECUTIVE GROUP As of 24 November 2016 Vice-Chancellor and Chief Executive Professor Sir Steve Smith, BSc MSc PhD Soton FAcSS REVIEW OF THE YEAR Provost and Senior Deputy Vice-Chancellor Chair’s Foreword 1 Professor Janice M Kay, BA Newc PhD Cantab AFBPsS Business Review 2 Deputy Vice-Chancellors Professor Mark Goodwin, BA PhD LSE DVC for Innovation and External Engagement Public Benefit Statement 9 Professor Tim Quine, BSc Lon PhD Sheff DVC for Education Professor Nick Talbot, BSc PhD UEA FRS DVC for Research and Impact Pro-Vice-Chancellors and Executive Deans Professor David Allen, BA MFA MBA PhD GOVERNANCE Professor Clive Ballard, MBChB (Medicine) MMed Sci MRC Psych MD Corporate Governance and Statement Professor Dan Charman, BSc Newc PhD Soton Professor Ken Evans, BSc PhD CEng CPhys of Internal Control 14 Professor Debra Myhill MBE, BA PGCE MPhil PhD Responsibilities of Council 19 Professor Andrew Thorpe, BA (Hons) Birm PhD Sheff FRHistS Membership of Council 20 Registrar and Secretary Mike Shore-Nye, BA (Hons) Deputy Registrar and Director of Human Resources Jacqui Marshall, FCIPD FIoD FINANCIAL STATEMENTS Director of Communications and Corporate Affairs Jane Chafer, BSc MBA FCIM Independent Auditors report to the Council of the University of Exeter 21 Chief Financial Officer Andrew Connolly, BA (Hons) CPFA Statement of Principal Accounting Policies 22 Statement of Comprehensive Income and Expenditure 27 BANKERS Statement of Changes in Reserves 28 National Westminster Bank PLC Stocker Road Balance Sheets 29 Exeter EX4 4RH Consolidated Cash Flow Statement 30 Barclays Bank PLC Notes to the Accounts 31 3 Bedford Street Exeter EX11LX FURTHER ANALYSIS INVESTMENT MANAGERS The following do not form part of the J.P. Morgan International Bank Ltd 25 Bank Street Statutory Financial Statements: Canary Wharf Five Year Summary Accounts 65 London E14 5JP EXTERNAL AUDITOR KPMG LLP Plym House 3 Longbridge Road Plymouth PL6, 8LT INTERNAL AUDITOR BDO LLP Arcadia House Maritime Walk Southampton SO14 3TL FINANCIAL STATEMENTS 2015 - 2016 CHAIR’S FOREWORD Sound finances are an essential foundation to enable In recent years we have put a lot of focus on internal the University to invest in, develop and deliver its organisation and process and we are now seeing the tangible benefits of our various transformation projects. The positive strategies. So in a year that saw us maintain our impact on our finances has allowed us to commission a position as a top 10 UK university and amongst the new 10-year capital strategy - essential for the University to top 1% of Universities worldwide, it is pleasing to compete on the global stage, providing the best facilities for be able to report on yet another successful our students and our staff, and delivering world-class research and student experience. We will finance this investment financial performance. programme from our own recurrent cash generation, The strong upward trajectory in our finances has supplemented by philanthropy and other external sources of funding. continued in 2015/16 with a 20% increase in our quality-related annual research grant, as well as the The result of the EU referendum on 23 June 2016 will be challenging for universities, and Exeter is no exception. results of a variety of transformation projects set We know that we - and wider society - benefit from this rich in motion in earlier years. environment in which to foster common understanding, In Autumn 2016 we launched our new five-year strategy break down barriers and tackle global challenges together. ‘Making the Exceptional Happen’. Setting out our vision to While future EU funding is bound to be impacted, a greater be a global 100 research leader and create graduates of concern is the negative impact Government policy may distinction within a community of the most talented and have on the wider world in terms of perceptions about the creative minds, our strategy establishes how we will achieve UK’s welcome in attracting international students and staff. this and how we will measure our success. This measurement We are also concerned that the success of UK universities in can be encapsulated in three numbers: 10, 100 and 1000 - participating, and often leading, research partnerships with EU consistently achieving a top 10 position in the UK, sustainably academics and institutions could suffer. We will do our utmost achieving Global 100 status and submitting at least 1000 to support our staff and students during what is likely to be a academics to the next Research Excellence Framework prolonged period of uncertainty. exercise. We also plan to launch a major fundraising I thank everyone in the University for their contribution to campaign in the coming year to support our research last year’s successful performance and look forward to the and education ambitions. year ahead. Sarah Turvill, Chair of Council The Athena Swan programme continues to go from strength to strength with Silver awards achieved for the Psychology and Mathematics and Computer Science departments at Exeter. FINANCIAL STATEMENTS 2015 - 2016 1 FINANCIALBUSINESS STATEMENTS REVIEW 2015 - 2016 HIGHLIGHTS LIQUIDITY AND DEBT • Total bank debt: £195.3m (£199.1m) PERFORMANCE • Total cash (cash and current investments): £119.7m (£102.3m) • Total income: £371.1m (£360.2m), up 3% • Net debt: £76.2m (£97.5m) • Cash flow from operating activity: £70.0m (£53.9m) • Surplus for the Year: £14.5m (£3.0m) FINANCIAL STRENGTH • Staff cost ratio: 49.9% of total income (49.4%) • Net current assets ratio: 1.6 (1.7) INVESTMENT • Net assets: £475.5m (£484.6m) • Capital expenditure: £34.1m (£41.8m) * Comparative data for the prior year 2014/15 is shown • Capital grants: £8.8m (£10.0m) in parenthesis throughout the business review SCOPE OF THE FINANCIAL STATEMENTS For the first time the financial statements recognise long- term liabilities relating to the Universities Superannuation These financial statements cover the University of Exeter, Scheme (USS) pension scheme deficit recovery plan as well its subsidiary undertakings and joint ventures. These are as first-time recognition of financial instrument liabilities used the first financial statements to be prepared under new to secure fixed interest payments on the University’s debt. accounting standards, Financial Reporting Standard 102 (FRS 102), as interpreted by the 2015 edition of the A former off-balance sheet student accommodation Statement of Recommended Practice: Accounting for transaction has also been recognised for the first time. Aside Further and Higher Education (SORP 2015). from these material items there are a large number of other recognition and classification changes which are highlighted in IMPACT OF NEW ACCOUNTING STANDARDS note 1 which explains the transition to FRS 102. The new accounting standards have had a tangible As a consequence of changes to accounting standards the impact with a small number of material liabilities recognised utility of EBITDA and Net Surplus as measures of underlying in the financial statements for the first time. The University financial performance have been reduced as these can has also adopted new accounting policies, some of which be materially influenced by balance sheet date valuation impact on many of the estimates underpinning the driven data as well as receipts such as capital grants that the financial statements. University would not consider as reflective of recurrent In order to make meaningful comparisons the prior performance. The University has therefore adopted its year 2014/15 results have been restated. The table below own measure of financial sustainability, based on normalising illustrates the high level changes the new accounting has had: EBITDA for the most distorting of accounting transactions. Re-statement of 2014/15 14/15 Re-stated Change RESULTS FOR THE YEAR prior year results Financial Statements While the prior year, 2014/15, was characterised by a £m £m £m small number of material one-off exceptional gains, adding Total income 339.5 360.2 +20.7 over £11m to income in that year, the 2015/16 year by Surplus for the year 13.2 3.0 -10.2 contrast is characterised by permanent recurrent uplifts to the University’s financial performance. The 2014/15 EBITDA 46.2 65.9 +19.7 investment in staff restructuring has paid back, enabling the Cash inflow from 36.0 53.8 +17.8 operating activities University to invest more in academic staff growth. Similarly, the prior year’s targeted investment in academic staffing and Income and expenditure 72.1 429.3 +357.2 unrestricted reserves research has paid back with a 20% increase in quality-related Net assets 552.2 484.6 -67.6 research grant following the University’s successful Research Excellence Framework 2014 submission. Because the results reported in these financial statements rely less on one-off gains and more on recurrent performance, they represent one of the strongest set of financial results the University has posted. The 2015/16 year was one of continued growth. Total income increased 3.0% over the year. 2 FINANCIAL STATEMENTS 2015 - 2016 FINANCIALBUSINESS STATEMENTS REVIEW 2015 - 2016 BUSINESS REVIEW Tuition fees grew by 12.1%, standing at £203.6m, with fees from While top-line growth in income is satisfying, the trend home/EU students up 11.3% and from international students up improvement in EBITDA is more so. The University has adopted 12.5%. In 2012 the government implemented structural changes EBITDA as its strategic key performance indicator, normalising it to to the way UK higher education is funded, allowing institutions remove the major accounting distortions.
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