Global Review and Financial Statements 2018 Global Review and Financial Statements 2018 Council membership 1 August 2017 to 31 July 2018 Contents The Council is the University’s governing body and, among other matters, it is responsible for overseeing the administration and management of the affairs of the University and is required to present audited Council Membership 2 financial statements for each financial year. President and Vice-Chancellor’s Welcome 4 President of Council External members Other Senior Officers Global Strategy 2020 Review 6 and Pro-Chancellor appointed by the Council Chancellor John Mills Simon Amess Sir Andrew Witty Treasurer’s Report 14 Baroness Brenda Dean Registrar (until March 2018) Dr Paul Greatrix Risk 24 Vice-Chair of Council (Secretary to Council) Dame Elizabeth Fradd John Finch (until March 2018) Pro-Vice-Chancellors Public Benefit Statement 28 Lynette Eastman Professor Graham Kendall Members ex-Officio Trevor Moss Professor Nick Miles OBE Governance 38 Pro-Chancellor David Ross Professor Chris Rudd OBE Dr Hamid Mughal OBE Nora Senior Independent Auditor’s Report 44 President and Vice-Chancellor David Tilly Faculty Pro-Vice-Chancellors Professor Shearer West Professor John Atherton Statement of Principal Accounting Policies 46 (from 2 October 2017) Neil Watkinson Professor Jeremy Gregory Professor Sir David Greenaway Carolyn Morgan (to 30 September 2017) Professor Todd Landman Financial Statements 52 Provost and Deputy Professor Andy Long Vice-Chancellor Appointed by the (until 1 July 2018) Notes to the Financial Statements 58 Students’ Union Professor Andy Long Professor Kevin Shakesheff (from 1 July 2018) President Chief Financial Officer Treasurer Alan Holey Margaret Monckton Stephen Walton (from 1 July 2017 to 30 June 2018) Chief Estates and Pro-Vice-Chancellors Jessica Lendon (from 1 July 2018) Facilities Officer Professor Sarah O’Hara Education Officer Chris Jagger (to May 2018) Professor Dame Jessica Corner Cassie O’Boyle (from 1 July 2017 to 31 July 2018) Chief Marketing and Communications Officer Kerry Law Members of staff Chief Digital Officer Professor Tony Avery David Hill (from November 2017) Professor Clive Roberts Director of Human Resources Dr Rachel Gomes Jaspal Kaur Professor Kevin Lee Chief Student Management Officer Dr Gabriele Neher Breda Walls (to July 2018) 2 3 Global Review and Financial Statements 2018 Looking back on my first year in office, I am proud to see that our University“ is a thriving institution. We have outstanding staff and students, a global reputation for research excellence and award-winning sustainable campuses in a period that has seen Nottingham declared as The Times and The Sunday Times University of the Year for both International and Sport. ” The University has continued to invest heavily in its teaching test the resilience of both our community and our finances. I excellence, consolidating the approach that led to the award of return to the vision I set out in my inaugural lecture: deepening Gold in the Teaching Excellence Framework (TEF). The opening our partnerships; refreshing our approach to global and civic of our latest Teaching and Learning Hub provides students with engagement; and innovating within the exciting and disruptive state-of-the-art teaching facilities, including a performing arts world of the Fourth Industrial Revolution. space, social learning hub, 300-seat lecture theatre and a range of adaptable teaching spaces. The University will also continue to support the community of staff and students that make our institution the success that The University’s Research Vision has achieved significant success it is, improving engagement, embracing digital technologies in its first year, delivering exceptional research that transforms and modernising governance. I have launched a covenant to lives in our community, the UK and across the world. The support our community in working together for a positive future, University has recruited outstanding fellows and world-class encouraging pace, transparency and the wider use of talent. researchers, has won significant awards and accolades, and Building on the University’s award of Athena Swan Silver for our has secured an increase in our research funding. As we move practice in gender equality, a particular focus will be led by the forward, the University will be working with stakeholders in new Pro-Vice-Chancellor for Equality, Diversity and Inclusion new ways, encouraging researchers to forge multi-disciplinary in tackling our gender pay gap, improving the representation of teams and partnerships to better align their work to address the women and closing the attainment gap for our black and minority complex challenges that we are facing in the world today. ethnic students. Nottingham is a global institution, and our students are world Nottingham is truly a community of scholars, students and citizens; our international partners are of the highest quality; and alumni that cares deeply about the University and its future. I our alumni are making significant contributions to society. In the will be engaging that community in perhaps the most significant current climate, it is more important than ever that we build on goal for the coming year - a wholesale review of the University’s President and this reputation and continue to evolve our global outlook. The strategy - taking a fresh look at our aspirations for the future University will continue to build strong partnerships across the when the current Global Strategy ends in 2020. world, increase numbers of international students and create a more diverse portfolio of mobility opportunities for students on I feel privileged to be leading such an outstanding University, our campuses in the UK, China and Malaysia. Vice-Chancellor’s known for its global outlook, world-leading research and exceptional student experience. My ambition is to lead on Throughout my first year as Vice-Chancellor, it has been a developments today that will ensure Nottingham continues to be privilege to meet so many of our alumni community whether a strong and successful university long into the future, navigating discussing sustainable cities in Hong Kong, marking the the challenges ahead and keeping true to the mission and culture contributions of the many participants at our Golden Reunion, that distinguishes us. Welcome or celebrating the work of alumni volunteers. Thanks to philanthropic support from generous donors, the University continues to invest in outstanding new facilities including the Advanced Manufacturing Building at Jubilee Campus; the transformational new Cripps Health Centre at University Park; and a stunning redevelopment of the iconic Portland Building and As President and Vice-Chancellor, I am delighted to the new Djanogly Terrace on Portland Hill. present“ this summary of our University community’s As I look ahead to the coming year, I believe that our strengths achievements across the academic year in its will ensure the University will continue to thrive in a challenging teaching, learning, research and global outlook. environment for higher education. Those challenges are Professor Shearer West ” considerable: Brexit, new regulatory demands, potential reforms President and Vice-Chancellor of the University of Nottingham to student fees and increasing global competition. These will 4 5 Global Review and Financial Statements 2018 Global Strategy Excellence in education is at the heart of the University’s mission. 2020 Core strategy: education and 20 for teaching excellence in the Times for graduate employability out of 500+ Higher Education (THE) Europe Teaching universities according to the QS World student life Rankings 2018, the first to focus solely on University Rankings 2018. In its first year as holder of a gold award teaching and learning. Excellence requires investment, not in the Teaching Excellence Framework The new ranking focussed on four only in staff but also in infrastructure. (TEF), the University has worked hard to key areas — engagement, resources, Continuous improvements are being Review consolidate and build on this achievement outcomes and environment. The made in the teaching environment across to ensure our graduates continue to be University scored particularly highly in all our campuses, in the UK and Asia, highly prized by leading employers. metrics around recommending their to ensure students enjoy the very best Achieving the gold standard was a experience to friends and family, access teaching facilities. milestone for Nottingham – recognition to learning materials and the quality of the The latest addition to University Park is the of teaching and learning of the very learning environment. Teaching and Learning Hub, which opened highest quality. TEF gold reflects The metrics also look at the opportunities in time for 2018/19 intake of students. numerous aspects of student life including available to prepare students for life after Positioned adjacent to Hallward Library excellent teaching and academic university and analyse the different ways and in the centre of campus, it provides support, systematic evaluation of in which courses are delivered including state-of-the-art teaching facilities student feedback, technology-enhanced how they develop skills in critical thinking, including a performing arts space, social learning, levels of contact time, world- collaboration and applying learning to the learning hub, a 300-seat lecture theatre, class facilities and access to truly global real world. a range of different