1 Contents Statement from the Chair of the Board of Governors ........................................................................................... 3 Statement from the Director………………………………………………………………………………………………5 Management and Advisors ……...………………………………………………………………………………………7 Strategic Report .................................................................................................................................................. 8 1 Objects, Strategy and Risk Analysis ................................................................................................................ 9 1.1 Objects, Vision and Values ........................................................................................................................ 9 1.2 Outreach and Widening Participation ...................................................................................................... 9 1.3 Community Engagement ........................................................................................................................ 10 1.4 Strategic Plan ......................................................................................................................................... 10 1.5 Looking Forward .................................................................................................................................... 10 1.6 Key Performance Targets ....................................................................................................................... 11 1.7 Risk Analysis .......................................................................................................................................... 12 2 Academic Review .......................................................................................................................................... 13 2.1 Overview and Highlights ......................................................................................................................... 14 2.2 Learning and Teaching........................................................................................................................... 14 2.3 “Bridges to Industry” and Masterclasses ................................................................................................ 16 3 Corporate Responsibility ................................................................................................................................. 17 3.1 Staff ........................................................................................................................................................ 18 3.2 Environmental Sustainability ................................................................................................................... 18 3.3 Equality and Diversity ............................................................................................................................. 18 3.4 Trade Union Facility Time ....................................................................................................................... 18 4 Financial ........................................................................................................................................................ 19 4.1 Financial Strategy for Sustainability ........................................................................................................ 20 4.2 Financial Review of the Year Ended 31 July 2019 ................................................................................... 20 4.3 Value for Money…………………………………………………………………………………………………..21 4.4 Investments ............................................................................................................................................ 21 4.5 Payment of Creditors .............................................................................................................................. 21 4.6 Accounting Systems and Processes ...................................................................................................... 22 4.7 Post Balance Sheet Events .................................................................................................................... 22 Statement of Public Benefit............................................................................................................................... 23 Report of the Members of the Board of Governors Year Ended 31 July 2019 .................................................. 25 Legal Status ................................................................................................................................................. 26 Statement of Corporate Governance ............................................................................................................ 26 Responsibilities of the Board of Governors .................................................................................................... 26 Disclosure of Information to Auditors ............................................................................................................ 27 Statement of the School’s Structure of Corporate Governance .................................................................... 27 Internal Control ............................................................................................................................................. 28 Independent Auditor's Report to the Members of the Board of Governors of the NFTS.................................. 29 Financial Statements for the Year Ended 31 July 2019 .................................................................................... 32 Notes to the Financial Statements for the Year Ended 31 July 2019 ................................................................ 36 2 Contents Statement from the Chair of the Board of Governors ........................................................................................... 3 Statement from the Director………………………………………………………………………………………………5 Management and Advisors ……...………………………………………………………………………………………7 Strategic Report .................................................................................................................................................. 8 1 Objects, Strategy and Risk Analysis ................................................................................................................ 9 1.1 Objects, Vision and Values ........................................................................................................................ 9 1.2 Outreach and Widening Participation ...................................................................................................... 9 1.3 Community Engagement ........................................................................................................................ 10 1.4 Strategic Plan ......................................................................................................................................... 10 1.5 Looking Forward .................................................................................................................................... 10 1.6 Key Performance Targets ....................................................................................................................... 11 1.7 Risk Analysis .......................................................................................................................................... 12 2 Academic Review .......................................................................................................................................... 13 2.1 Overview and Highlights ......................................................................................................................... 14 2.2 Learning and Teaching........................................................................................................................... 14 2.3 “Bridges to Industry” and Masterclasses ................................................................................................ 16 3 Corporate Responsibility ................................................................................................................................. 17 3.1 Staff ........................................................................................................................................................ 18 3.2 Environmental Sustainability ................................................................................................................... 18 3.3 Equality and Diversity ............................................................................................................................. 18 3.4 Trade Union Facility Time ....................................................................................................................... 18 4 Financial ........................................................................................................................................................ 19 4.1 Financial Strategy for Sustainability ........................................................................................................ 20 4.2 Financial Review of the Year Ended 31 July 2019 ................................................................................... 20 4.3 Value for Money…………………………………………………………………………………………………..21 4.4 Investments ............................................................................................................................................ 21 4.5 Payment of Creditors .............................................................................................................................