The University of Northampton Higher Education Corporation Annual Report and Consolidated Financial Statements for the year ending 31 July 2016 Introduction from the Vice Chancellor, Professor Nick Petford As we head into the second year of our five-year strategic plan, Transforming Lives + Inspiring Change, we can look back on what we have achieved so far as we cement our reputation as an internationally facing university, that is committed to delivering outstanding life changing opportunities in education. The construction of our brand-new £330m in six key areas; Allied Health Professions, Waterside Campus is well underway and Art and Design, English Language and due to open in September 2018. Located Literature, History, Geography and in the town centre, on the banks of the Education. We are determined to build River Nene, the new campus will create on this and engage with more high-quality a lively leisure, social and retail area for and high-impact research locally, our students to live and learn. nationally and internationally. The Waterside Campus is a unique For five consecutive years, we have example of how a Higher Education maintained our position as one of the Institution, working with partners, country’s top performing universities in is using innovative ways to deliver the Destination of Leavers from Higher large-scale, measurable social impact Education survey, with 95 per cent of and value through construction. our students in work or further study six Creating a positive social impact is months after completing their course. embedded across all elements of the These statistics underscore our Waterside Campus development; within commitment to the employability Our ultimate aim is to be positioned in the the tendering process, as well as in the prospects of our graduates. heart of Northamptonshire, intellectually, supply chain contracts, with robust and We are in a strong position; successful culturally and economically by 2020, measured Key Performance Indicators. but not complacent, striving to exceed delivering a student experience of the As of summer 2016, over 150 contractors the expectations of our students, highest quality in line with our strategic and sub-contractors are working towards stakeholders and community more vision and values. The contribution direct delivery of social impact through widely. It is this ethos that will continue we make to the local community was their work on the project. to be the foundation of the University demonstrated in our first Social Impact We became a university a decade ago of Northampton as we move forward. report released this year, which showed when we were awarded university that we delivered over £800,000 worth of status by the government. Since then, extra-curricular student volunteering to the we have celebrated some remarkable local community and helped more students achievements. In the UK-wide 2014 benefit from a university education, Research Excellence Framework whatever their personal circumstances. where our research submissions were classed as ‘world-leading’ 2 The University of Northampton Higher Education Corporation | Annual Report and Consolidated Financial Statements for the year ended 31 July 2016 Contents University Strategic Report 4 Risk Management 31 Operational Plan 4 Statement of Corporate Governance 32 and Internal Control Critical Success Factors 5 Responsibilities of the Board of Governors 33 Student Experience 5 in relation to the Financial Statements Intellectual Capital 12 Independent Auditors’ Report 34 Strategic Alliances 14 Statement of Principal Accounting Policies 36 Financial Sustainability 16 Consolidated Statement of Comprehensive 38 Social Impact 18 Income and Expenditure Account Changemaker+ Challenges 19 Consolidated and University Statement 40 of Changes in Reserves Further Social Impact 21 Consolidated and University Balance Sheets 41 Supporting Structures 23 Consolidated Cash Flow Statement 43 Corporate Governance 23 Notes to the Financial Statements 44 Management Structure 23 Resources and Investment 24 Market Position and Outlook 26 Competitive Environment 26 Our Outlook 27 Board of Governors 28 Prole of the Board 28 Members of the Board and Trustees 28 Governors’ Expenses 29 The Work of the Board of Governors 29 How the Board Discharged its Responsibilities 29 Board Standing Committees 30 General Information Principal address Auditor Bankers University of Northampton PricewaterhouseCoopers LLP Lloyds Bank Boughton Green Road Chartered Accountants and Public and Community Northampton Statutory Auditors 125 Colmore Row NN2 7AL Cornwall Court Birmingham 19 Cornwall Street B3 2HJ Birmingham B3 2DT Annual Report and Consolidated Financial Statements for the year ended 31 July 2016 | The University of Northampton Higher Education Corporation 3 University Strategic Report The University of Northampton has one key strategy, Transforming Lives and Inspiring Change. The plan outlines our four Critical Success Factors and Changemaker+ Challenges. Critical Success Factors: Changemaker+ Challenges: • Student Experience • Challenge 1: Make Northamptonshire the best county in • Intellectual Capital the UK for children and young people to ourish and learn • Strategic Alliances • Challenge 2: Make Northamptonshire the leading county in the UK for Health and Wellbeing • Financial Sustainability • Challenge 3: Build the cultural and heritage traditions of Northamptonshire into world class attractions • Challenge 4: Make Northamptonshire the best county in the UK to start, build and run a business Operational Plan The University measures its performance through an Operational Plan. This underpins the overall strategy, and runs from 2015-2020. Targets in the University’s Operational Plan are aligned to the four critical success factors. Progress against targets is reported regularly to the Board of Governors. In 2015-16, gures available at the time of publication show that the University performed particularly strongly against our nancial sustainability targets and those relating to our strategic alliances. The latter aligns with the University’s improved nancial performance relating to academic partnerships. The University performed less well against metrics relating to student satisfaction and intellectual capital. This does not cause concern as the University is continuing to recruit high quality students and staff in an increasingly competitive environment. However, senior managers responsible for individual metrics in these areas will be required to demonstrate improvement during this and future years as we move toward the 2020 goals in the Operational Plan. 4 The University of Northampton Higher Education Corporation | Annual Report and Consolidated Financial Statements for the year ended 31 July 2016 Critical Success Factors Student Experience Our aim is to create a unique Learning and Teaching model. Student experience is core to what we do. We aim not just to meet expectations but to exceed them. Outperforming national quality benchmarks is vital, but the student experience is more than that. It is, at heart, about providing a personalised emotional connection that transcends quality to transform individuals for the betterment of themselves and society. Underpinning University values: Delivering, Valuing, Learning Who are our students? Student Enrolment Total enrolled Higher Education students 2015/16 (as at 1 December) Undergraduate Postgraduate Total Full-time (Home) 8,903 254 9,157 Full-time (Overseas) 808 411 1,219 Part-time (Home) 828 1,107 1,935 Part-time (Overseas) 517 441 958 Total 11,056 2,213 13,269 16,000 Undergraduate Postgraduate 14,000 2,455 2,421 2,055 2,062 2,213 12,000 1,737 1,956 1,487 10,000 1,522 968 843 1,107 1,192 1,130 1,138 1,187 8,000 6,000 8,810 9,101 8,908 8,874 8,481 8,436 8,189 8,948 9,592 10,769 11,331 11,912 11,692 11,119 10,590 11,056 4,000 2,000 0 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 Annual Report and Consolidated Financial Statements for the year ended 31 July 2016 | The University of Northampton Higher Education Corporation 5 Postgraduate Research Students Postgraduate Research Student Numbers 300 11 250 funded research degree bursaries 200 150 100 50 0 2011/12 2012/13 2013/14 2014/15 2015/16 Postgraduate Research Award of Postgraduate Research Disability Student Enrolments Qualications in 2015/16 Students declaring a disability in 2015/16 52.5% increase PhD 19 Full Time 10.2% 2014-15 2015-16 D Prof Prac 5 Part Time 5.4% 42 80 M Prof 2 Subject of Study (at 1 December 2015) Full-time Part-time Total School The Arts 1,398.5 67 1,465.5 Education 1,226 564.5 1,790.5 Health 1,981 302.5 2,283.5 Business 2,302 447 2,749 Science and Technology 847.5 284 1,131.5 Social Sciences 1,477 169 1,646 Partner Colleges 1040 905 1945 Research Students 97 107 204 Un-associated Students 7 47 54 Total 10,376 2,893 13,269 6 The University of Northampton Higher Education Corporation | Annual Report and Consolidated Financial Statements for the year ended 31 July 2016 Gender Full-time Total Male % Female % Postgraduate 665 320 48 345 52 Undergraduate 9,711 3,626 37 6,085 63 Total 10,376 3,946 38 6,430 62 Part-time Total Male % Female % Postgraduate 1,548 568 37 980 63 Undergraduate 1,345 724.5 54 620.5 46 Total 2,893 1,292.5 45 1,600.5 55 Distribution by Age* Full-time Total Under 21 % 21 & over % Postgraduate 665 10 2 655 98 Undergraduate 9,711 5,257.5 54 4,453.5 46 Total 10,376 5,267.5 51 5,108.5 49 Part-time Total Under 21 % 21 & over % Postgraduate 1,548 0 0 1,548 100 Undergraduate 1,345 267.5 20 1,077.5 80 Total 2,893 267.5 9 2,625.5 91 * Age = as at the beginning of year of study Note: Numbers do not always tally as there were a small number of missing dates of birth (not detailed).