Annual Report and Financial Statements 2018
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Annual Report and Financial Statements 2018 Our vision is to sustain and improve upon our world‑leading reputation for research, and embrace educational innovation that will nurture skilled, adaptable and resilient graduates. Read this report online www.bristol.ac.uk/directory/finance/about/financial-statements Strategic Report Governance Financial Statements Financial highlights 2 The Executive Team 34 Independent auditors’ report 44 Our operating Highlights 2017/18 3 Corporate Governance 36 Consolidated and University context Facts and figures 4 Operating structure 40 Statements of Comprehensive 06 Income and Expenditure 46 The Vice-Chancellor and the Remuneration report 42 Consolidated and University Chair of the Board of Trustees 5 Our fundraising 43 Statements of Changes Our operating context 6 in Reserves 47 Our value model 8 Consolidated and University Our Strategy 12 Balance Sheets 48 Our Strategy in action 14 Consolidated Statement Our community contribution 26 of Cash Flows 49 Public benefit statement 28 Principal accounting policies 50 Principal risks Notes to the Financial Statements 55 and uncertainties 30 Financial review 32 16 Research 32 Financial review Temple Quarter 25 Enterprise Campus University of Bristol Annual Report and Financial Statements 2018 1 Strategic Report Financial highlights 2017/18 Student FTEs Student FTE (%) Student FTEs The University continued its sustained growth in student numbers, growing 23,027 by 6% in the 2017/18 academic year. +6% (2016/17: 21,808) • The University Group delivered a surplus 23,027 Home undergraduate 68% of £6.9m before other gains and losses.* 21,808 Overseas undergraduate 9% • The University’s operating cashflow remains 20,010 20,365 strong, as do our increased investments in 18,716 Home postgraduate taught 7% projects that support the University Strategy. • Over £100m of capital investment focusing Overseas postgraduate on transforming the Clifton Campus, including taught 8% new teaching facilities and a new Library, Home postgraduate and developing the new Temple Quarter research 6% Enterprise Campus. Overseas postgraduate • Research income from competitively won research 2% grants was up by 5% as compared with 2013/14 2014/15 2015/16 2016/17 2017/18 last financial year, to £168.6 million. * This surplus is lower than in recent years owing to an increase in investment in our staff and in the University Strategy, and to current losses relating to the delayed completion of the Fry Capital investments (£m) Surplus before other gains and losses Capital investment (£m) Surplus before other gains and losses Building following the fire (as we await settlement of matters and cash flow generation (£m) connected with this). £112.3m and cash flow generation (£m) +5% (2016/17: £107.3m) £6.9m -85% (2016/17: £47.2m) 112.3 108.8 107.3 80 60 40 54.0 50.0 20 2013/14 2014/15 2015/16 2016/17 2017/18 2015 2016 2017 2018 Surplus before other gains and losses Cash flow post financing costs Growing our Growing ambition 2 Annual Report and Financial Statements 2018 University of Bristol Strategic Report Highlights 2017/18 Research highlights Tim Gregory (top), a PhD Highlights from our community Researchers at Bristol are involved in a student in Cosmochemistry who Our students, staff and friends give reached the final of the BBC’s Governance vast range of projects all over the world. Astronauts: Do You Have What the University its heart and its energy. Their work in 2017/18 led to high-impact It Takes? competition. In 2017/18, the many notable members discoveries and developments including: of our community included: Eulinda Antonette Clarke-Akalanne • a new maritime security toolkit, praised by the (bottom), a grandmother of Rebecca Scott, Suzanne Doyle, Samantha Budd UN, for making the world’s oceans safe from seven who overcame severe and Noelle Rumball – members of staff who piracy and smuggling; visual impairment to graduate each won a Wonderful Women Award, • a set of cloud-based VR tools to help with a BA in Anthropology (and launched by Bristol Women’s Voice to celebrate has returned to study for an MA academics and industry develop new drugs in Black Humanities). local women from all walks of life who inspire and and materials and new teaching methods; improve the lives of those in their communities. • newly discovered structures in the human kidney that shed new light on kidney disease; An anonymous group of students who raised Financial Statements • a method for breaking down toxic dyes in £1,500 to enable Herman Gordon, a member waste water using polystyrene frozen in a of the University’s cleaning staff, to visit Jamaica chemical solution and coated with with his wife. photocatalytic nanoparticles; • a comprehensive review of the impact of melting Robert Camm, Cassandra Lek, James Throup, land ice on sea levels; Henry Clay, John Gilbert, Hannah Haddad and • a new DNA-based testing method that could Joshua Greenidge – winners of the 2017 Alumni better predict whether clinical medical trials will Association Student Awards recognising their be effective; achievements either in overcoming personal • a system that detects blockages in pitot tubes adversity or in making an outstanding contribution (which measure airspeed) and could prevent to the University or the community. aircraft accidents; Stacey Jordan, a Security Officer, who won • the prospect of a new discipline, ‘interactive Security Officer of the Year for an Outstanding metamaterials’, to enable development of (top) A morass of icebergs that Act of Courage from the Association of University shape-changing interactive devices; have calved off Jakobshaven, Chief Security Officers (see page 18). • a new way of triggering nerve regeneration to the largest glacier in Greenland. help repair spinal cord injury by transplanting genetically modified cells. (bottom) Spinal cord injury (asterisked) with transplanted, genetically modified cells (red and green) that secrete a treatment enzyme. University of Bristol Annual Report and Financial Statements 2018 3 Strategic Report Facts and figures Faculties The University is organised into six academic faculties, each led by a Dean: 6,115 • Arts International students (headcount) • Biomedical Sciences* • Engineering studying from 140 different countries † • Health Sciences (excluding the UK) • Science • Social Sciences and Law * This faculty closed – and the new Faculty of Life Sciences opened – on 1 August 2018, immediately following the period covered by this 2017/18 report. UK Specialist Research Institutes Bristol BioDesign Institute Bristol Composites Institute (ACCIS) 76% (19,295 students) Bristol Heart Institute Bristol Institute for Migration and Mobility Studies Bristol Population Health Science Institute Europe North America Bristol Poverty Institute Bristol Quantum Information Institute 6% 1% (1,485 students) University Research Institutes (295 students) Brigstow Institute Cabot Institute Elizabeth Blackwell Institute for Health Research South America Africa Jean Golding Institute <1% Asia/Australasia (75 students) 1% (230 students) Courses we offer 16% Across the six faculties, the University offers (4,030 students) 294 undergraduate programmes and 364 postgraduate programmes of study across a broad range of subjects. † This uses the UN standard geographical groupings for region Bristol at Bristol a glance (in the case of North/South America) and continent. 4 Annual Report and Financial Statements 2018 University of Bristol Strategic Report Professor Hugh Brady The Vice-Chancellor and the Vice-Chancellor and President Chair of the Board of Trustees (right). Denis Burn Chair, University Board of Trustees (left). We are fortunate in having several factors in our favour: the foresight and prudence of those 2017/18 has proved to be another who came before us and built such excellent strong year for our University, with good foundations for our University; the amazing Governance progress in implementing our Strategy talent, imagination and drive of our students; made on all fronts. We are making the support and generosity of our alumni, friends headway in this phase of major growth, and supporters across the world; and the energy with outline planning permission and professionalism of our staff. We take none secured for our new Temple Quarter of these for granted. Enterprise Campus and anticipated for The year brought several developments that the public realm aspects of our Campus confirmed how important it is for us to have a Heart project. We are establishing new close-knit and supportive University community. partnerships and deepening our existing Perhaps the most significant of these were the relationships, both in the city and across growing concern over the wellbeing of young the world. At the same time, we are people and the reaction to the Universities Financial Statements continuing to achieve striking successes Superannuation Scheme (USS) pensions valuation. in our high-quality research and in our Mental health is fast emerging as the single world-class educational programmes, biggest public health issue affecting young thanks to the outstanding talents and people today, both here in the UK and globally. commitment of our students and staff. As you will read in what follows, we are taking a University-wide approach to mental health and A lot of our work this year has been to do with wellbeing, for our students and our staff. The was both challenging and – in its own way – consolidation and infrastructure: improving and wellbeing of everyone in our community is a key useful. It led to some very fruitful discussions joining up our student support services; giving priority at Bristol, and we are investing time and between staff, students, the University and College our staff the best digital tools for communicating, money to support and help our students and staff Union (UCU) and our peers in the sector and collaborating and managing information securely wherever we can. This includes a new approach resulted in the formation of a joint panel to Professor Hugh Brady and effectively; and establishing the procedures to supporting students’ wellbeing in residences reassess the original valuation (see pages 32-33).