The UK’s European university ANNUAL REVIEW / FINANCIAL STATEMENTS 2017 Contents 1 Introduction by the Vice-Chancellor and President 2 Highlights of the year 5 Membership of Council 6 Principal Officers 9 University public benefit statement 18 Financial Statements 18 Strategic Report 29 Statement of corporate governance & internal control 35 Statement of the responsibilities of the University’s Council 36 Independent auditors report to the Council of the University of Kent 38 Consolidated statement of comprehensive income and expenditure 39 Statement of changes in reserves 40 Balance sheets 41 Consolidated statement of cashflows 42 Statement of principal accounting policies 46 Notes to the accounts 62 Awards, appointments, promotions & deaths Photo: Quintin Lake www.kent.ac.uk 1 INTRODUCTION I am delighted to introduce this year’s annual review. 2016/17 was another year of success, consolidating the University of Kent’s position as one of the country’s leading universities. We were ranked 17th for our research intensity in the 2014 Research Excellence Framework and were assessed as gold in the 2017 Teaching Excellence Framework. We have continued to improve facilities on our campuses, with the completion of both the new Sibson building for the School of Mathematics, Statistics & Actuarial Science and Kent Business School and the Templeman Library renovation and extension in Canterbury; and the Student Hub and Galvanising Shop leisure facilities at Medway. I took up my own appointment just after the end of the period of this report. I have been delighted to discover the talent and energy that is the foundation for Kent’s success. I look forward to working with both staff and students to build on this success and consolidate Kent’s position as a leading teaching and research institution that is embedded in the communities that it serves. Professor Karen Cox Vice-Chancellor and President 2 UNIVERSITY OF KENT / ANNUAL REVIEW & FINANCIAL STATEMENTS 2017 HIGHLIGHTS OF THE YEAR Gold award Awarded a gold rating, the highest, in the ND UK Government’s Teaching Excellence Framework (TEF). 22 Ranked 22nd out of 121 HE institutions in the 2018 Guardian University League Table, with a top ten position in six subject areas. New building Top 100 Invested £37 million in Sibson, our largest Ranked 85th worldwide 1 ever academic building and home to in the 2017 International 85 Kent Business School and the School of Student Table, with 28.9% 100 Mathematics, Statistics and Actuarial Science. of our student body classified as international. 980 10,000 newsletters million New Community newsletter launched, £1 reaching 10,000 Canterbury University arts centre, Gulbenkian, households and businesses. awarded National Portfolio Organisation status by Arts Council England, worth £1,095,076 over four years. www.kent.ac.uk 3 THE shortlisting One of three universities hours shortlisted in the Alumni 90 ,000 Engagement Award Students volunteered more in the Times Higher than 90,000 hours, both on Education Leadership campus and in the local and Management community, in 2016/17. Awards (THELMAs). Future leaders Recycling record One of only four UK HE institutions Disposed of 2,315 tonnes in the Times Higher Education of waste via controlled Alma Mater Index environmental methods (Global Executives) 2017, – equivalent to showing best institutions more than 200 for producing senior Tyrannosaurus-Rex. business leaders worldwide. x 200 Top careers advice million Judged Best University Careers/Employability £5 Service in the National Undergraduate Kent and Greenwich universities Employability Awards 2017. invested £5 million to create a state-of-the-art Student Hub at Medway from a former swimming pool. 4 UNIVERSITY OF KENT / ANNUAL REVIEW & FINANCIAL STATEMENTS 2017 Photo: Tim Crocker www.kent.ac.uk 5 MEMBERSHIP OF THE COUNCIL Chancellor Dr Gavin Esler Membership of the Council Chair of the Council Sir David Warren Deputy Chair of the Council / Chair of the Finance and Resources Committee Bob Scruton Vice-Chancellor and President Professor Dame Julia Goodfellow (to 31 July 2017) Professor Karen Cox (from 1 August 2017) Senior Deputy Vice-Chancellor and Provost David Nightingale Senior Deputy Vice-Chancellor and Chief Operating Officer Denise Everitt President of Kent Union Rory Murray (to 31 July 2017) Ruth Wilkinson (from 1 August 2017) External members Dame Ursula Brennan Colin Carmichael Peter Clokey Martin Coleman Martin Cook Neil Davies Sarah Gibson Richard Honey Angela McNab Andrew Newell Heather Norton Stevie Spring (to 31 July 2017) Ann Sutton (to 31 July 2017) Dr Harshad Topiwala Staff and Student representatives Mark Ellis Professor John Fitzpatrick Charlotte Guy Sarah Hankins (to 31 July 2017) Dr Owen Lyne Simeon Onaji (from 1 August 2017) Total Membership 25 Secretary of the Council Dr Keith Lampard The Chairs of Council committees were as follows: Audit Committee Peter Clokey Finance and Resources Committee Bob Scruton Lay Nominations Committee Sir David Warren Remuneration Committee Sir David Warren Safety Health and Environment Executive Committee Denise Everitt 6 UNIVERSITY OF KENT / ANNUAL REVIEW & FINANCIAL STATEMENTS 2017 PRINCIPAL OFFICERS Visitor The Lord Archbishop of Canterbury Chancellor Dr Gavin Esler Chair of the Council Sir David Warren Vice-Chancellor and President Professor Dame Julia Goodfellow (to 31 July 2017) Professor Karen Cox (from 1 August 2017) Deputy Chair of the Council Bob Scruton Senior Deputy Vice-Chancellor and Provost David Nightingale Senior Deputy Vice-Chancellor and Chief Operating Officer Denise Everitt Deputy Vice-Chancellor Education Professor April McMahon Deputy Vice-Chancellor Research & Innovation Professor Philippe De Wilde Director of Finance Lisa-Jane Crudgington-Higham Dean of the Faculty of Humanities Dr Simon Kirchin Dean of the Faculty of Sciences Professor Mark Burchell Dean of the Faculty of Social Sciences John Wightman Dean for Europe Professor Roger Vickerman (to 1 September 2017) Professor Jeremy Carrette (from 1 August 2017) Dean of the Graduate School Professor Paul Allain Dean for Internationalisation Dr Anthony Manning Dean of KentHealth Dr Peter Nicholls Dean for Medway Professor Nicholas Grief Secretary of the Council (and the Court) Dr Keith Lampard Senior Master Dr Wayne Campbell Master of Darwin and Woolf Colleges Dr Jonathan Friday Master of Eliot College Stephen Burke Master of Keynes College Chloé Gallien Master of Rutherford College Dr Peter Klappa Master of Turing College Dermot O’Brien College Master for Medway Jane Glew www.kent.ac.uk 7 8 UNIVERSITY OF KENT / ANNUAL REVIEW & FINANCIAL STATEMENTS 2017 www.kent.ac.uk 9 UNIVERSITY’S PUBLIC BENEFIT STATEMENT FOR 2016/2017 1 The delivery of research of the highest quality, The University of Kent is an exempt meeting international standards of excellence across charity regulated by the Higher the full range of our subjects Education Funding Council for The University of Kent is active in research across its range of disciplines and contributes to the public good through scientific discovery and an England (HEFCE) on behalf of the enhanced understanding of economic, social, political, philosophical, Charity Commission for England and ethical, artistic and cultural areas of the human experience. Wales. As an institution we aim to maximise the positive impact our research can have on society and, in particular, our local communities. Our goal is to The University’s Royal Charter of 1965 established the University be embedded and invested in our region, and to help Kent thrive. From Council as the supreme governing body of the institution. The University science festivals and arts exhibitions to health workshops and business Council serves as the University’s board of trustees and has overall seminars we are committed to public engagement with research. By responsibility for the University’s strategic aims and direction in the engaging together, we can contribute positively to our local communities furtherance of the objects defined by the Charter. and accomplish things that will be mutually beneficial to us all. Members of the University Council have regard to the Charity The University’s research is openly published and disseminated, and Commission’s public benefit guidance when exercising any powers or active steps are taken to apply research where economic and social duties to which the guidance is relevant. They also refer to the guidance benefits are identified, to tackle global challenges from age issued by HEFCE in its role as principal regulator on behalf of the discrimination to viral epidemics and to apply for international research Charity Commission. grants and to globally-focussed funding streams. From the Royal Charter, the objects of the University are: To illustrate the high quality of the University’s research, across its three Faculties, we have chosen three research projects to focus on. “to advance education and disseminate knowledge by teaching, scholarship and research for the public benefit.” Faculty of Humanities – the legacy of child migration schemes The University’s Objective, set out in its Plan 2015-2020, approved by Council at its meeting on 15 October 2015, to achieve the objects of Gordon Lynch, Michael Ramsey Professor of Modern Theology at the the University from the Royal Charter, is as follows: University of Kent, has continued to undertake nationally significant work in relation to the legacy of child migration schemes that sent thousands of unaccompanied British children to other parts of the Commonwealth.