Global Review and Financial Statements 2017 Global Review and Financial Statements 2017 Council membership Contents 1 August 2016 to 31 July 2017 The Council is the University’s governing body and, among other matters, it is responsible for overseeing the administration and management of the affairs Council Membership 1 of the University and is required to present audited financial statements for each financial year. President and Vice-Chancellor’s Welcome 3 Global Strategy 2020 Review 5 President of Council External members Other Senior Officers and Pro-Chancellor appointed by the Council Chancellor Treasurer’s Report 13 John Mills Simon Amess Sir Andrew Witty Baroness Brenda Dean Registrar Risk 25 Dr Paul Greatrix Vice-President of Council John Finch (Secretary to Council) Dame Elizabeth Fradd Public Benefit Statement 27 Lynette Eastman Pro-Vice-Chancellors (from 1 November 2016) Professor Graham Kendall Members ex-Officio Carolyn Morgan Professor Dame Jessica Corner Governance 37 Pro-Chancellor Trevor Moss Professor Nick Miles OBE Dr Hamid Mughal OBE Independent Auditor's Report 43 Jeff Randall Professor Chris Rudd Vice-Chancellor (to 30 November 2016) Faculty Pro-Vice-Chancellors Professor Sir David Greenaway David Ross Statement of Principal Accounting Policies 45 Professor John Atherton Deputy Vice-Chancellor Nora Senior Professor Jeremy Gregory Professor Karen Cox (from 1 December 2016) Financial Statements 51 Professor Todd Landman Treasurer David Tilly Stephen Walton Professor Andrew Long Notes to the Financial Statements 57 Neil Watkinson Pro-Vice-Chancellors Professor Kevin Shakesheff Professor Sarah O’Hara Chief Financial Officer Professor Dame Jessica Corner Appointed by the Margaret Monckton Students’ Union (from 28 November 2016) From 1 July 2016 to 30 June 2017 Members of staff Chief Estates and Facilities President Officer Professor Tony Avery Ismail Sadurdeen Chris Jagger Professor Neil Crout Education Officer Chief Marketing and Dr Rachel Gomes Beth Massey Communications Officer Kerry Law Professor Kevin Lee From 1 July 2017 (from 21 February 2017) Chief Information Officer President Mary Visser Dr Gabriele Neher Alan Holey (to 8 January 2017) Education Officer Director of Human Resources Catherine O’Boyle Jaspal Kaur Chief Student Management Officer Breda Walls 1 2 Global Review and Financial Statements 2017 Our research has a global impact, and in 2017 we committed “to the most significant planned investment in the University's history. Our Research Vision underlines our commitment to world-leading, transformational discovery.” At a time of unprecedented change in higher education, and The new vision for research dovetails with our Global in the wider world, the University of Nottingham is a thriving Engagement Strategy, connecting activities across all our institution offering an outstanding student experience, world- campuses and internationally to maximise our impact and changing research and a global reputation for excellence. reputation. This continues apace with further growth and development at the University of Nottingham Malaysia Campus As the University’s new President and Vice-Chancellor, I am and the University of Nottingham Ningbo China, recognised delighted to present this summary of our achievements across with the award for International Strategy of the Year at the Times the academic year and the dedicated work of my colleagues to Higher Education Leadership & Management Awards 2017. take teaching, learning and research to new levels. New strategic and teaching partnerships have been developed It was particularly gratifying to see the University awarded a with key overseas institutions in China, Sweden and the USA, gold rating in the first Teaching Excellence Framework (TEF). providing enhanced opportunities for teaching and research Achieving the gold standard reflects the excellent education collaboration. In the UK, the successful embedding of the offered at Nottingham, investment in world-class facilities and University of Nottingham International College has expanded students’ access to truly global opportunities. It is a resounding undergraduate foundation and pre-masters provision. endorsement of the Nottingham student experience and an institutional culture which rewards excellent teaching. Above all, The University’s global family of alumni also played their part it is recognition of the professionalism and dedication of our in Impact: The Nottingham Campaign – the most successful staff who are involved in every aspect of teaching and learning at development campaign in the institution’s history. The campaign the University. engaged alumni, staff, partners and friends of the University on a scale not seen before, and raised more than £242m over a The success of our graduates was also recognised this year six-year period. Its funding is making a huge contribution in many with the University being named the University of the Year for areas, including our world-leading research into breast cancer, Graduate Employment by The Times and Sunday Times Good President and children’s brain tumours and dementia research. University Guide 2017. This reflects the attention we pay to providing career guidance, skills workshops, application There is much to celebrate, but also much more to do as we support, employer and alumni engagement, and placement position the University for continued success. As I commence development, as well as continued development of the my first year as President and Vice-Chancellor, I look forward Nottingham Advantage Award. to getting to know colleagues and working together to start the next chapter in the history of the University of Nottingham. Vice-Chancellor’s Our research has a global impact, and an unprecedented investment in our Research Vision announced in 2017 will position the University as an institution that recruits and retains the best people and creates practical solutions to today’s global challenges. This will support 100 early career fellowships throughout the University over the next five years, as well as Welcome six multidisciplinary Beacons of Excellence which will deliver transformative research in the fields of human rights, healthcare, food, advanced materials and transport, bio-manufacturing, and smart industries. As the University’s new Vice-Chancellor, Our world-leading facilities and equipment, libraries and “I am delighted to present this summary of our professional services are dedicated to supporting our researchers and translating their discoveries into applications achievements across the academic year and the with real impact for people across the world. We are also Professor Shearer West dedicated work of my colleagues to take teaching, working hard to ensure they have the best research environment, President and Vice-Chancellor with significant investment in facilities and infrastructure, such as University of Nottingham learning and research to new levels. the GlaxoSmithKline Carbon Neutral Laboratory for Sustainable ” Chemistry, which had its official opening during the year. 3 4 Global Review and Financial Statements 2017 During the year, the University's Global Strategy 2020 has been through a review and refresh to ensure the key themes remain relevant to the University in 2017 and beyond. Core Strategy: Excellence in an embedded culture of personalised Their success reflects the availability learning; student engagement with of individual career guidance, skills Education and Student Life advanced technology-enhanced learning; workshops, application support, employer Education transforms lives – and it is focused, discipline-specific careers and alumni engagement, and, more this belief upon which the University support; and an institutional culture recently, placement development, as of Nottingham is founded. It is a belief that rewards excellent teaching – our well as continued development of the Global which drives a commitment to teaching academic staff hold more than 1,000 Nottingham Advantage Award. The and learning of the very highest quality, Higher Education Academy Fellowships services available to students helped to unlocking students’ potential and between them. make the University The Times and Sunday preparing them to shape the world for Times Good University Guide University At an institutional level, the award is a the better. of the Year for Graduate Employment. resounding endorsement of one of the We are also regularly named as one of Strategy Recognition came in 2017 in the form University’s core strategies: providing the most targeted universities by Britain’s of a gold award in the first Teaching excellence in education and student leading graduate employers in the annual Excellence Framework (TEF) – a rigorous life. Systematic delivery in this area has UK Graduate Careers Survey, ranking assessment of teaching and learning been achieved through the University’s either first or second in four of the last across UK higher education. Achieving Transforming Teaching Programme, five years. 2020 the gold standard reflects the excellent commended by the UK Quality Assurance education offered at the University, and an Agency which stated that it “…has a Of course, excellence requires outstanding all-round student experience central role and is particularly effective institutional commitment – and we have that helps to make our graduates some in enhancing the student learning invested significantly in facilities and of the most sought-after by leading experience.” infrastructure to create the best possible