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1 LONDON S GLOBAL UNIVERSITY Annual Report and Financial Statements for the year ended 31 July 2011

2 UCL is London's Global University MISSION STATEMENT OUR VISION An outstanding institution, recognised as one of the world s most advanced universities and valued highly by its community of staff, students, alumni, donors and partners and by the wider community; Providing an outstanding education to students from across the globe that imparts the knowledge, wisdom and skills needed by them to thrive as global citizens; Committed to leadership in the advancement, dissemination and application of knowledge within and across disciplines; Committed to achieving maximum positive social, environmental and economic benefit through its achievements in education, scholarship, research, discovery and collaboration; Developing future generations of leaders in scholarship, research, the learned professions, the public sector, business and innovation; Tackling global challenges with confidence; As London s global university, leading through collaboration across London and worldwide in the advancement of knowledge, research, opportunity and sustainable economic prosperity; Operating ethically and at the highest standards of efficiency, and investing sufficiently today to sustain the vision for future generations. OUR VALUES Commitment to excellence and advancement on merit Fairness and equality Diversity Collegiality and community-building Inclusiveness Openness Ethically acceptable standards of conduct Fostering innovation and creativity Developing leadership Environmental sustainability.

3 CONTENTS Page 1 Committee Membership 2 Financial Highlights 3 Operating and Financial Review 18 Corporate Governance 20 Responsibilities of the Council of UCL 22 Independent Auditors Report to the Members of the Council of UCL 24 Statement of Principal Accounting Polices 29 Consolidated Income and Expenditure Account 30 Statement of Group Historical Cost Surpluses and Deficits 30 Statement of Total Recognised Gains and Losses 31 Consolidated Balance Sheet 32 UCL Balance Sheet 33 Consolidated Cash Flow Statement 34 Notes to the Accounts 64 Financial Summaries (unaudited)

4 COMMITTEE MEMBERSHIP Council (Trustees) Lay Members: Academic Members: Ms Anne Bulford (Treasurer) Ms Philippa Foster-Back Lord Hart of Chilton (to 30/09/10) Mr Rob Holden Mr Mark Knight Ms Catherine Newman Professor David Attwell (from 01/10/10) Dr Robert Barber (from 01/10/10) Professor Iain Borden (to 30/09/10) Professor Robert Brown (to 30/09/10) Professor Malcolm Grant* (Provost) Dr Nikos Konstantinidis (to 30/09/10) Ms Vivienne Parry* (Vice-Chair) Ms Katharine Roseveare* Dr Gill Samuels Professor Chris Thompson Sir Stephen Wall* (Chair) Baroness Warwick of Undercliffe (from 01/10/10) Dr Benet Salway* Dr Stephanie Schorge* (from 01/10/10) Dr Andrea Townsend-Nicholson (to 30/09/10) Professor Nick Tyler (from 01/10/10) Professor Maria Wyke UCL Union: Mr Matthew Burgess Mr Michael Chessum Finance Committee Lay Members: Academic Members: UCL Union: Ms Anne Bulford (Chair) Mr Ven Balakrishnan Dr Ben Booth Mr Mark Clarke Professor Malcolm Grant (Provost) Dr Robert Barber Professor Dame Hazel Genn Mr Matthew Burgess Mr John Morgan Ms Susannah Lloyd Sir Stephen Wall Professor David Ingram Dr Andrea Townsend-Nicholson Professor Jonathan Wolff Lay Members: Mr Rob Holden Mr John Hustler Audit Committee Mr Mark Knight (Chair) Mr Nigel Smith Lay Members: Ms Anne Bulford (Chair) Mr Ven Balakrishnan Mr Mark Clarke Investments Committee Ms Susannah Lloyd Mr Nigel Thomas denotes also member of Remuneration Committee * denotes also member of Nominations Committee 1

5 FINANCIAL HIGHLIGHTS 2011 m 2010 m CONSOLIDATED INCOME & EXPENDITURE ACCOUNT Funding Council grants Academic fees and support grants Research grants and contracts Other operating income Endowment income and interest receivable Total income Share of income from joint ventures (0.8) (3.0) NET INCOME TOTAL EXPENDITURE Share of operating loss in joint ventures and associates Profit on disposal of tangible fixed assets Profit on disposal of fixed asset investments Minority interest Transfer to accumulated income within specific endowments (0.6) (0.5) (0.3) (0.9) 0.1 SURPLUS FOR THE YEAR CONSOLIDATED BALANCE SHEET Fixed assets Endowment asset investments Net current assets Total assets less current liabilities Non-current liabilities and provisions Provision for liabilities and charges Net pension liability (77.3) - (4.7) (78.7) (1.3) (8.1) TOTAL NET ASSETS Represented by: Deferred grants Endowments Reserves Minority interest OTHER KEY STATISTICS Consolidated recognised gains Consolidated increase in cash flow Student numbers Average payroll numbers (0.2) No. 24,077 9, (0.1) No. 22,628 9,638 2

6 OPERATING AND FINANCIAL REVIEW The Council of UCL is responsible for this operating and financial review together with the financial statements. The format follows the Statement of Recommended Practice (SORP): Accounting for Further and Higher Education. These accounts are compiled with reference to the Model Financial Memorandum which sets out the formal relationship between HEFCE and the governing bodies and accountable officers of the HEIs it funds. All HEIs, including UCL, are bound by the requirements of their charter and statutes (or equivalent) and by rules relating to their charitable status. The Memorandum does not supersede those requirements but is intended to complement and reinforce them. A full version of the memorandum can be found at:- Since 1 June 2010 HEFCE has been the principal regulator of those HEIs in England that are exempt charities, one of which is UCL. This responsibility results from the Charities Act 2006, which implements a government decision that all charities should be subject to regulation. Until June 2010 although they were expected to comply with charity law, exempt charities were outside the scope of the Charity Commission's regulatory powers. From 1 June 2010, the exempt charity regulation provisions of the 2006 Act came into effect for HEIs, and they are now subject to the Charity Commission's powers. HEFCE is one of several principal regulators. All principal regulators have the duty, as far as they reasonably can, to promote compliance with charity law by the exempt charities for which they are responsible. This will require regular monitoring and occasional more detailed work, including liaison with the Charity Commission on complex issues that might need the use of its powers. The financial statements include the consolidated results of UCL s subsidiary companies, details of which are shown at Note 38 and whose commercial activities are, for legal and taxation reasons, more appropriately channelled through limited companies. These accounts have been prepared on a going concern basis as described in more detail in note 1 of the Accounting Policies. This Operating and Financial Review has been prepared for UCL as a whole and therefore gives greater emphasis to those matters which are significant to UCL when viewed as a whole. Long term strategy & objectives In autumn 2011 the UCL Council published a new White Paper which outlines a vision and strategy for UCL for the coming ten years. It builds upon and develops the existing strategies for research, enterprise, human relations, scholarships, estates and facilities, development and alumni relations, information services, public policy and communications and marketing. UCL is committed to the following aims, which provide the framework for the new White Paper: maintaining the qualities of a comprehensive university, committed to excellence in the arts, humanities, social sciences, physical, biological and medical sciences, engineering and the built environment; maintaining its openness as an institution, attracting wholly on merit the most talented students from the United Kingdom and from around the world; providing education of the highest academic quality, rigorous in its demands, distinctive in its character, imbued with UCL's world-leading research and delivered by academic staff at the top of their field; 3

7 OPERATING AND FINANCIAL REVIEW enhancing its position as one of the world s leading research institutions with a continued focus on single and multi-disciplinary research and a commitment to the application of new knowledge to addressing major societal challenges; becoming a global leader in enterprise and open innovation, supporting and promoting effective knowledge exchange, innovation, entrepreneurship and collaboration with commercial and social enterprises; attracting, rewarding and retaining outstanding staff from diverse backgrounds; securing long-term financial sustainability and sustaining the level of capital investment necessary to achieve its academic objectives; operating at the highest levels of efficiency, reducing overheads and eliminating waste; and improving the quality, accessibility and sustainability of its estate and its use, upgrading its built environment and making optimal use of space. The full White Paper can be found at UCL continues to rank among the world's top universities, as reflected in our performance in a range of rankings and tables. Information about UCL s position in rankings over the past five years is shown below: Times Higher/QS World Rankings N/A N/A QS World Rankings N/A N/A N/A 4 7 Times Higher World Rankings N/A N/A N/A The Sunday Times The Guardian Complete University Guide (Independent) The Times Good University Guide Shanghai Jiao Tong University Financial Results for the year ended 31 July 2011 UCL s summary consolidated Income and Expenditure results for the year ended 31 July 2011 are shown in the table overleaf. The results for the year show a continuation of the improved financial performance the university is now achieving with a retained surplus of 29m or 3.6% of total income. This surplus was slightly lower than in 2010 with income up 5.1% and expenditure up 6.1%. This surplus is in line with the HEFCE requirements to show a surplus in the region of 3% of income and is needed to fund future investments and give a level of contingency. The operating surplus (after depreciation but before tax) is slightly down from 30m to 24m but if a one off grant to the Students Union for the refurbishment of the Lewis s building of 3.6m is excluded the results are broadly in line. The financial statements also show a net profit on disposal of 5.9m mainly arising from the disposal of the former Medical Students Union building. 4

8 OPERATING AND FINANCIAL REVIEW Summary Consolidated Income and Expenditure 2011 m 2010 m Operating Income Deferred grants released Total income Operating Expenditure (736.6) (692.2) Depreciation (40.8) (40.2) Total Expenditure (777.4) (732.4) Surplus after depreciation and before tax Net Share in joint ventures, associates, tax & minority interests (0.5) (1.1) Profit on disposal of subsidiary & fixed/tangible fixed assets Surplus on continuing operations Transfer (to)/from accumulated income within specific endowments (0.5) 0.1 Surplus retained within general reserves Income from the Funding Council was up 2m (1%) at 203m including a fall in teaching grant of 3m offset by an increase in research funding of 2m. These movements reflect the removal of the historic buildings allocation ( 1.5m), efficiency savings on the teaching grant and changes to the quality ratings for research funding. Academic fee income was up 22m (14%) at 172m reflecting increases in student numbers and fee levels. Tuition fees from full time overseas students now contribute 88m. Income from research grants and contracts was up 8m (3%) over the previous year to reach 275m. Research income has increased 3% in the year to 283m with overhead contribution up 11% at 49m. This indicates that the measures implemented in previous years to encourage and support research applications going forward continue to deliver benefit in a more difficult economic environment. Tuition fees from overseas full time students remain an important source of income. They now contribute 37% to total teaching funding (HEFCE teaching grant plus total fees and support grants) against 34% in the previous year. Expenditure has risen slightly more than income in the year. Staff costs have risen 1.4% reflecting a 1.4% increase in average staff numbers on the payroll, a very low cost of living rise in August 2010 and a rise of 1% in research direct costs, 75% of which is staff related. Recruitment controls remain in place which has slowed the growth in staff costs for the last two years compared with previous years. Other operating expenses have gone up 39m (17%) but include the Student Union grant of 3.6m noted above. Other increases are scholarships and prizes ( 5m), and repairs and maintenance ( 11m) in line with agreed strategy. Capital Expenditure for the year was 93m, an increase from the previous year when it stood at 37m. 58m related to land and buildings acquisitions, notably the Sainsbury Wellcome Centre, Queens Square House and the Caledonian Road student residence development. The improvement in the surplus has followed through to the year end cash position where cash at the bank and in short term deposits improved to 177m. The value of UCL s endowment assets has increased in value by 5m to 73m. Total reserves increased from 205 million to 235 million. 5

9 OPERATING AND FINANCIAL REVIEW Financial Outlook The new university funding arrangements pose significant challenges for UCL. New tuition fees will reinstate much of the foregone HEFCE teaching grant for undergraduate teaching, but will in turn generate an absolute requirement to make transformative investments in the estate, teaching infrastructure and other aspects of the student experience. Other funding issues will be flat cash funding for research, a cut in the recovery of overheads on Research Council grants (a reduction of up to 6 million a year by ), and steadily rising energy costs, particularly for IT provision. There will be some limited opportunities to increase income through modest expansion of student numbers where these are not controlled by the Government. This presently includes postgraduates and international students, but we anticipate that the restriction on UK-EU undergraduate student numbers will also be relaxed. Yet several fundamental uncertainties remain, including: (1) the extent of residual funding for UK-EU undergraduate programmes in HEFCE Bands A and B. These are the laboratory and clinical subjects that are central to provision of the science, technology, engineering and medicine (STEM) subjects. It remains likely that funding will be reduced in real terms from its present level; (2) The extent of residual funding for other strategic and vulnerable subjects; (3) The extent of residual funding for postgraduate taught programmes; (4) The future of the current cap on UK-EU undergraduate student numbers. The Government proposes to lift the cap in respect of students with A-levels of at least AAB or equivalent from , and may lower the threshold further in future years; (5) The clawback of 20,000 student places from across the sector to be reserved for universities charging 7,500 or less; (6) The future of London weighting; (7) The funding of medical students, who presently pay fees for all years of their course, but this is offset in years 5 and 6 by an NHS bursary which is not guaranteed to rise to meet the cost of the new fees; (8) The number of medical students. There may yet be a national cutback, which could be imposed equally across all medical schools. A quota of 7.5% is still imposed on international student participation; (9) The potential knock-on impact for universities from proposed reforms to the National Health Service; (10) Potential reductions in HEFCE funding as a response to perceived over-pricing by the sector as a whole; (11) The impact on the student loan book and increased risk of default in loan repayment from higher fees. This could result in less money being channelled into research; (12) The future of capital funding, where UCL faces a reduction of over 60% in the annual HEFCE allocation with effect from UCL must generate and sustain sufficient surplus and cash balances to meet its future investment needs, particularly in light of the reductions in HEFCE income and capital funding. Future annual budgeting and planning processes will emphasise financial sensitivity to key risks. UCL's financial forecasts to accept that continued investment in the estate and infrastructure is key to its future sustainability, and assume that 55 million will be committed to commencing implementation of the estates Masterplan over the two years in addition to maintaining the 36 million currently committed to capital expenditure. UCL intends to invest an additional 2 million a year in research computing from and a further 2.5 million a year in other research infrastructure from

10 OPERATING AND FINANCIAL REVIEW Pensions - Actuarial Valuations USS, SAUL and the NHS pension schemes are all multi-employer schemes and therefore UCLs share of their assets and liabilities are not disclosed on the UCL balance sheet. In October 2011 USS announced that if the proposed assumptions for the scheme s technical provisions were adopted they would reveal a funding deficit in the scheme as at 31 March 2011 of approximately 2.9 billion. USS has pointed out that the assumptions have been proposed on the basis that the covenant provided to the scheme by participating employers is a robust one. The USS Board is required to make an assessment of covenant strength for an actuarial valuation and it has appointed an independent adviser to provide a report and opinion on the covenant. This may affect any final outcome in the event that the assessment is different to the working assumption which has been adopted. Member institutions have been asked to comment on the proposed assumptions. The final valuation is expected towards the end of UCL scheme members represent just under 4% of the total membership. The declaration of a funding deficit would require the USS Board to implement a formal recovery plan, which itself must be consulted upon with member institutions. At this stage there have been only preliminary discussions on the form of any potential recovery plan and USS Board s view is that the consultation on the technical provisions should first be completed before recovery plan proposals are finalised and in due course consulted upon. Any recovery plan will have implications for UCL which will have to be factored into future financial plans. The SAUL pension scheme is also finalising its valuation for March 2011 which is expected to show a small deficit under the technical provisions. No further information is available at present. Public Benefit In identifying its aims, UCL s trustees have taken due consideration of the guidance relating to public benefit published by the Charity Commission. UCL s objects, as detailed in its Royal Charter, are: to provide education and courses of study in the fields of Arts, Laws, Pure Sciences, Medicine and Medical Sciences, Social Sciences and Applied Sciences and in such other fields of learning as may from time to time be decided upon by the college and to encourage research in the said branches of knowledge and learning and to organise, encourage and stimulate postgraduate study in such branches. In addition to its objects UCL's global vision is informed by four clear principles of intent that forms the basis of all it does: To enhance UCL's educational and research environment by promoting the global context in which UCL operates; To contribute throughout the range of UCL activity (research, teaching, learning, business links, and community engagement) to the resolution of problems of global significance; To contribute to UCL's financial stability by maximising income generation from all aspects of global activity where the potential to do so exists; To engage with public bodies, including UK Government, in matters of support for British Higher Education in a global market. However, a university has a much broader charitable purpose than just advancing education and a wide range of activities undertaken at UCL in the past twelve months support this broader public benefit. 7

11 OPERATING AND FINANCIAL REVIEW The advancement of education UCL was founded in 1826 to provide education to all who could benefit by it. UCL was the first university to admit students regardless of their race, class or religion and the first to admit women students on equal terms with men. That radical tradition remains alive today. UCL continues to provide education to around 24,000 students at both undergraduate and postgraduate levels. 34% of UCL students come from outside the UK, attracted from nearly 140 countries around the globe. UCL undertakes a range of outreach activities in support of its widening participation strategy. UCL's widening participation strategy aims to raise awareness of higher education, to assist in the preparation for higher education by addressing the academic, social and cultural issues underlying historic levels of low participation, to enhance the diversity of UCL's student body by recruiting the brightest students regardless of their background and to improve the retention of students at UCL. UCL's Transitions Programme, which provides generic and bespoke academic and non-academic support to students before and after they enrol with the aim of encouraging progression and enhancing retention, has been rolled out across all UCL departments. In line with our Access Agreement UCL has continued to set aside 5m to provide enhanced bursaries for students from low income families and to support outreach activities. UCL's outreach activities have also been expanded. These include organised events and activities at UCL for school and college staff and students (including an admissions conference and seminars for staff and organised visits, master classes, taster courses, a Saturday school and summer schools for students) and Outreach work by UCL staff and students in schools and colleges. UCL staff visit schools to make presentations on higher education and the university applications procedure, and UCL student ambassadors visit schools and colleges to advise, mentor or tutor their students. UCL outreach activities also make the best possible use of community links and working with our diverse Museums and Collections, provide an interactive teaching programme for schools and colleges. The advancement of the arts, culture, heritage and science As well as providing education in these areas, for example through the UCL Centre for Museums, Heritage and Material Cultural Studies, UCL's outstanding collections cover a wide variety of disciplines, reflecting the range of the university's academic work. Three collections - the Petrie Museum, the Grant Museum and UCL Art Museum are open to the public. Other collections are primarily for teaching and research but can be seen and studied by appointment. The Petrie Museum alone houses an estimated 80,000 objects, making it one of the greatest collections of Egyptian and Sudanese archaeology in the world. It illustrates life in the Nile Valley from prehistory through the time of the pharaohs, the Ptolemaic, Roman and Coptic periods to the Islamic period. The Grant Museum was closed for the first half of this academic year, to move to a new home in the Rockefeller Building. The reopening generated a huge amount of positive press coverage and a great increase in visitor numbers. The museum runs an innovative public events programme, with expert talks, classic film nights and family activities during school holidays, all of which enhance people s understanding of subjects linked to zoology. In the past year, the three Museums had a total of twenty five thousand visitors. Through their schools programmes the Museums have worked with about three thousand Primary school pupils and five hundred Secondary school pupils in the past year. The Museums run workshops at UCL and visit classes in schools with objects for pupils to handle. 8

12 OPERATING AND FINANCIAL REVIEW UCL Museums put on twelve exhibitions during the past year. These included the very popular Ink in the North Lodge and a showcase of artists-in-residence work in the Wilkins Building. This is the third year of UCL Museums Heritage in Hospitals project, in which staff take museum objects into hospitals to be handled by patients at their bedsides. The project has been carrying out research into how this type of activity affects health and wellbeing and following a large amount of research, findings are now being disseminated through publications and training events around the country. During the year the project won an award from the Royal Society for Public Health. Improving public policy One key way that UCL can ensure that its research benefits everyone's lives is by helping to improve the development of public policy. The first UCL Public Policy Strategy was introduced, presenting UCL as a source of evidence-based solutions in policy areas of both immediate and long-term concern. UCL will work with government at all levels, as well as with non-governmental organisations, think-tanks and others, to identify and respond to public policy needs. Through the institutionwide UCL Public Policy programme, the university will build on existing connections between academics and policymakers, enabling external agencies to identify sources of relevant wisdom and UCL to anticipate better and respond swiftly to emerging policy issues. Public policy events and working papers, drawing on cross-disciplinary expertise, will be produced on a regular basis and disseminated effectively. Among UCL Public Policy's initial activities were: the publication of climate change briefings to the Secretary of State for Energy & Climate Change, relating in particular to governance, planning and low-carbon innovation; public events on Is the Alternative Vote Worth Voting For? and Evidence-Based Policy: From development to delivery; published commentaries on the 2011 Budget, the European Court of Human Rights, multiculturalism and green transport; contact with and briefings for government, parliament, Chief Scientific Advisors etc pilot part-time policy secondments with Government Office for Science and the Royal Society s Science Policy Centre; engagement with think-tanks and other bodies. Student Volunteering UCL has a well-established culture of student volunteering. Annually, around 1400 students participate in activities through the Volunteering Services Unit (VSU), such as organising football tournaments for homeless people, getting involved with campaigning organisations, teaching computer skills to local elderly people, or coordinating fundraising events for disability charities. The VSU also runs the Innovations Programme which supports students to develop their own proposals for new community programmes. Among the 50 projects are: the Refugee Project, which brings UCL volunteers together with refugees and asylum seekers to build confidence through mentoring and group activities; VIBE, a befriending scheme for people with visual impairments; Meduccate, where UCL medical students run interactive medical and health related workshops in primary schools. The VSU also promotes one-off volunteering, involving students in fundraising activities, community festivals, conservation projects and other events across London. UCL contributes to Camden Shares, a resource sharing scheme ( Through this, UCL has opened up access to our spare room capacity out of term time to community organisations. 9

13 OPERATING AND FINANCIAL REVIEW The advancement of health or the saving of lives UCL Medical School is one of the largest in the country with a yearly intake of 330 undergraduate students on the MBBS programme. Our biomedical research interests range across pure and translational areas and from age and wellbeing, through cancer, cardiovascular and neuroscience to experimental and systems medicine. The UCL Medical School is committed to excellence in education and has a strong reputation for teaching informed by cutting-edge research. The School has a distinguished cadre of academic staff who are at the forefront of international research in medical sciences and clinical medicine. Translational research is supported by close partnerships with NHS trusts. UCL Partners is a an academic health sciences system, drawing UCL together with four major hospital partners in a joint mission to enhance medical research and teaching, clinical care and population health. This has led to significant benefits for the population. For example, the introduction of a new cross-sector model of care for acute stroke has reduced mortality to below 10% in North Central London, against a 22% national average. Also, the Open Eyes project, developed in collaboration with Moorfield s Eye Hospital and the Institute of Ophthalmology, extends the application of a ground-breaking, clinically-driven electronic patient record which can be owned by the patient. Operations School of Pharmacy The School of Pharmacy is an independent college of the University of London located nearby, in Brunswick Square. Its Council decided last year to open discussions with UCL about a possible merger and in May 2011 they resolved to proceed with merger. There are very considerable potential benefits arising from this merger. There is great complementarity in the interests of both institutions which makes the alliance mutually beneficial. UCL will be building on existing collaborations to establish a major pharmacy research base at UCL of international renown. Subject to completion of further steps, it is anticipated that the full merger will take effect from early Partnerships, Collaborations and New Initiatives There has been significant progress on the UK Centre for Medical Research and Innovation which was renamed in May 2011 as the Francis Crick Institute. Planning permission was granted by the London Borough of Camden for this development shortly before Christmas 2010, construction started in June 2011 and the building will open in In the meantime, work is commencing on developing the science strategy for the Crick, and for the establishment of a Virtual Institute in advance of the building opening. This would help facilitate the ultimate merger of the two core operations, the Medical Research Council s (MRC) National Institute for Medical Research (NIMR) at Mill Hill, and Cancer Research UK s (CRUK) London Research Institute, currently located in Lincoln s Inn s Fields. Originally funded by MRC, CRUK, the Wellcome Trust and UCL, in October 2011 Imperial and King s signed an accession agreement to become new partners. This will help in developing the full academic potential of the Crick in the national interest, as well as reducing the level of UCL s capital contribution. UCL's participation remains unique, as a Founding Partner, as the co-located university and as a contributor not only from the perspective of biological and medical science but also physical sciences and engineering. The success of the Crick will depend on all the scientific partners working in close collaboration. 10

14 OPERATING AND FINANCIAL REVIEW In April 2011 UCL joined the GSK Clinical Imaging Facility at Hammersmith. It is a unique partnership, in which UCL join the MRC, Imperial and King s as equal shareholders in a newly created joint venture that assumes responsibility for the facilities and operations at GSK s Clinical Imaging Centre (CIC): The 47m centre on Imperial College London s Hammersmith Hospital campus has carried out GSK-dedicated research in close collaboration with academic researchers since it opened in Under the new arrangements, the research and technical expertise of the four partners will help to drive the centre into new areas and applications of imaging. A Memorandum of Understanding between UCL and the Changsha-Zhuzhou-Xiangtan City Cluster (CZT) comprising 8 major cities and 65 million people and Central South University Business School (CSU) both based in Hunan Province was signed in November The UCL Bartlett Faculty of the Built Environment will bring their world-class expertise in digital spatial master-planning into combination with CSU s leading experts in economic enterprise modelling to create a much more powerful and iterative tool for predicting, shaping and monitoring the region s future growth and prosperity. The Sainsbury Wellcome Centre (SWC) for Neural Circuits and Behaviour is to be a major new research centre at UCL. It is funded jointly by the Gatsby Charitable Foundation and the Wellcome Trust. SWC neuroscientists will use state-of-the-art molecular and cellular biology, imaging, electrophysiology and behavioural techniques, supported by computational modelling, to find out how brain circuits process information to create neural representations and guide behaviour. An interim director will lead the project through the current planning phases, including the design of the facilities, the recruitment of the new permanent director and the identification of outstanding scientists and groups to join the Centre. The UCL Bloomsbury Project held its final conference in April The three-year Leverhulme-funded project has studied the evolution of Bloomsbury from marshy waste ground in 1800 to London s intellectual and cultural centre by The associated website gives information on the development of over 400 streets and squares, on the Bloomsbury connections of over 100 individuals, and on the founding of over 300 reforming institutions: educational, cultural, artistic, scientific, and medical. Where archives exist for these institutions, they are described, so that the website will be a resource for scholars as well as a repository of information for a wide variety of users. During Spring 2011 UCL worked with YouGov and StartUp Britain and in collaboration with Imperial College London, to lead the development of a pilot StartUp Summer scheme to stimulate, encourage and support student entrepreneurs. The initiative is part of a package of support for new entrepreneurs launched by Prime Minister that will offer students the opportunity to develop their own innovative, business ideas into actionable, start-up business plans. The programme will be open to UCL and Imperial students with a view, in future years, to extending the programme to the national student body. During the summer of 2011, the students had ongoing access to university resources, a project budget and regular contact with entrepreneur mentors. At the end of the summer, teams had an opportunity to present as a team in a Dragons Den style environment to real investors who can provide valuable critical, but also constructive feedback and guidance. In June 2011 UCL signed an agreement with BHP Billiton under which they will provide UCL with US$10 million over a five year period to establish an Institute for Sustainable Resources in London, and an International Energy Policy Institute in Adelaide, Australia, as part of our existing School of Energy and Resources, Australia (UCL SERAus). The donation will also fund academic research, fellowships and scholarships, and new Chairs in Sustainable Global Resources and in International Energy Policy. The two new institutes will drive research into the complex economic, legal, environmental, technological and cultural issues faced by the resources sector and provide a framework within which expertise from the northern and southern hemispheres can be shared and innovative responses developed. 11

15 OPERATING AND FINANCIAL REVIEW Following the agreement signed in October 2010 between UCL, Qatar Foundation for education, science and community development and the Qatar Museums Authority work has now started on developing the campus Doha, Qatar with the intention of teaching programmes starting in In addition, work is progressing on the transfer of several research programmes from London to Doha. In Kazakhstan, UCL continues to deliver foundation year courses to high ability students together with providing consultancy to the School of Engineering at Nazarbayev University in Astana. Education and Learning UCL's strategic goal of placing all its educational offerings within a framework of Education for Global Citizenship has been taken forward actively over the past year. All UCL academic departments are now expected to develop an international dimension to their curricula and are encouraged to ensure that all students explore their subject from an international perspective. The Centre for the Advancement of Learning and Teaching (CALT) has been restructured. CALT s mission is now to enhance the student learning experience through giving direct support and advice to the Schools as they take forward their strategic aims in teaching, learning and assessment. CALT will also provide scholarship-informed advice on key issues in teaching and in pedagogy and teaching associated activities. UCL has recently finalised a teacher training agreement with the Institute of Education (IoE), whereby IoE will provide teacher training and higher professional education to UCL s probationary lecturers and other academic and teaching staff. This further strengthens UCL s developing strategic relationship with the IoE. UCL set itself the strategic goal of establishing itself as an international centre of excellence for teaching, learning and assessment. Work has begun on establishing this hub through creating partnerships with existing strategic partners, building on short exchanges arranged between UCL and partners (so far in Australia, Hong Kong and the USA). Funding was this year also provided on a competitive basis to Provost s Teaching Award winners to undertake fact-finding visits to chosen overseas universities to establish closer partnership in innovation in education. Plans for the UCL Academy have advanced considerably and a Principal has been appointed. Work on the building is well under way, and the pedagogical vision for the Academy has been communicated throughout Camden and beyond. Considerable work has also been done on the innovative curriculum. The UCL Academy will open in September 2012 with 180 students in Year 7 and 125 students in the first year of the Sixth Form. It will grow year on year until it reaches its full capacity in September Research The UCL Vice-Provost (Research) launched the proposed 2011 UCL Research Strategy & Implementation Plan, Delivering a Culture of Wisdom, for consultation. The strategy's basis is that the collective expertise of the whole of UCL is greater than the sum of its subject-specific parts, so that by collaborating across disciplines the university can address major problems most effectively. 12

16 OPERATING AND FINANCIAL REVIEW The delivery of this research strategy over the next five years building on what has been accomplished through the 2008 UCL Research Strategy will depend on the university's ability to: continue to foster excellence in discipline-based research; expand the distinctive cross-disciplinarity of its research, collaboration and partnerships; increase the impact of its research, locally, regionally, nationally and internationally. Excellence Excellence in discipline-based research is a prerequisite for the delivery of UCL's research vision. Independent assessment continued to recognise UCL s strengths as a world-leading research-intensive university; for example, Essential Scientific Indicators ranked UCL the 15th most highly cited university in the world over an eight-year period. Cross-disciplinarity UCL's cross-disciplinary capability was further enhanced by the foundation of thematic centres and networks, each bringing together a variety subject-specific expertise in order to address major problems with more sophistication. These included the UCL European Institute, the UCL Computational Life & Medical Sciences Network, the UCL Civilisation(s) Network, the UCL Centre for Advanced Biomedical Imaging and the UCL Novel Therapies Network. The scope for cross-disciplinary collaboration was also expanded by a partnership with the Institute of Zoology and forthcoming merger with the School of Pharmacy. Overarching the university's cross-disciplinary collaboration are the UCL Grand Challenges Global Health, Sustainable Cities, Intercultural Interaction and Human Wellbeing through which concentrations of specialist expertise are brought together to address aspects of the world's key problems. Flagship initiatives included: Global Health Population Footprints, the 2011 UCL Leverhulme Trust symposium on human population growth and global carrying capacity. The symposium brought together more than 300 delegates and speakers, with academics, NGOs and activists representing 33 countries; Sustainable Cities the launch of the UCL London 2062 Commission, which aims to gather evidence about the forces and factors that will shape the London of five decades from now. This process involved synthesising the diverse expertise within the academic community at UCL and elsewhere, together with London s citizens, government, professions, artists, media and other public institutions; Intercultural Interaction Migration Week, comprising a series of lectures, panel discussions, conferences and exhibitions, which explored migration from a number of academic perspectives. The week culminated in Economic Change, Social Challenge, a major conference bringing together about 300 scholars from subject areas including economics, sociology, psychology, demography, anthropology, education, geography, political science and development studies; Human Wellbeing The Future of Healthcare in Europe, a conference bringing together expertise from academia, government, public policy institutes, think-tanks and the third sector from across Europe. It aimed to define the major health challenges that Europe faces and explored ways in which different European countries were responding to them. Impact The impact of UCL research is manifest across five broad channels, each of which was enhanced significantly in 2010/2011: scholarly outputs UCL Discovery was launched, as an online resource providing details of more than 200,000 UCL research outputs, with open access to more than 6,000 full text items; 13

17 OPERATING AND FINANCIAL REVIEW public engagement the first UCL Public Engagement Strategy was established, and a commitment made to continue the Beacon public engagement initiative, in partnership with Arts Catalyst, Birkbeck College, the British Museum, the Cheltenham Festivals, City & Islington College and the Southbank Centre; translational research the Office of the Yale UCL Collaborative was established, to support the alliance between both the universities and their partner hospitals, the aims of which include facilitating rapid translation of basic science into practical new therapies, improving clinical research and clinical care; public policy the first UCL Public Policy Strategy was introduced, to build on existing connections between academics and policymakers, enabling external agencies to identify sources of evidence-based policy solutions and UCL to anticipate better and respond swiftly to emerging policy issues. A key risk for UCL is that the university fails to prepare properly for the next Research Excellence Framework (REF). HEFCE have made numerous changes to the previous Research Assessment Exercise (RAE) system in creating their new REF, to which UCL must make a submission in November 2013, which will both strongly influence QR income for the next five years and UCL s reputation for research excellence. In particular, impact is a much more significant component in REF than RAE, accounting for 20% of the total score. Work has already started to ensure that UCL submits as strong a submission as possible including detailed timetables and action plans. Enterprise During the year a new Enterprise strategy for UCL for the next five years was published Specific enterprise activities have been designed to ensure effective knowledge exchange between UCL s academic community and the wider world. UCL is committed to inculcating a spirit of enterprise across the university, so that the creativity, resourcefulness and dynamism of UCL is encouraged and supported for the benefit of our teaching and research activities. Enterprise activities at UCL include the following: education and training in entrepreneurship; social enterprise; corporate partnerships; industrially-related and translational research; commercial research contracts; consultancy; continuing professional development; student businesses; commercialisation of intellectual property through spin-out companies; and licensing and product development. The five core aims of the strategy are: 1. Create a highly effective structure of support for enterprise activities at UCL; 2. To become the leading UK University supporting university entrepreneurs; 3. To ensure that enterprise is embedded across the breadth of academic activities; 4. To become the UK leader in collaboration with external enterprises; and 5. To maximize the societal impact of UCL enterprise activities by effective publicity. Students Student numbers for far exceeded expectations and reached a total of 24,077, an increase of 1,449 or 6.4% on The total is divided between undergraduates and postgraduates in the ratio 57:43 compared with 60:40 three years ago. International students account for 26% of the total student population and a similar pattern exists at undergraduate and postgraduate level. The largest percentage increase over last year was in research postgraduate student numbers which reflects UCL s success in winning Doctoral Training Centre awards and also the introduction of the UCL IMPACT studentship scheme. The IMPACT studentship scheme provides matched funding to provide a full 3 or 4 year fees plus stipend studentship where 50% external funding contribution can be secured, and in its first year 135 research 14

18 OPERATING AND FINANCIAL REVIEW postgraduate students were supported in this way. In total, UCL s research postgraduate student numbers went up by 494 over , an increase of 14.7%. There was also a further expansion in postgraduate taught student numbers, particularly in international students where a 9.6% increase in has taken the increase over the last three years to over 46%. With respect to full-time undergraduate students, UCL was again able to manage successfully its recruitment of new UK/EU students to come within the limit set by the Government and thereby avoid financial penalties, although numbers again exceeded our internal quota by 314 or 3%. Actual recruitment of international undergraduate students also increased by a further 14.6% or 447 students to take the total number of international undergraduates to just under 3,500 in and an increase of 38% over the last three years. Staff and Their Involvement Over the past year UCL has continued to implement strategies to increase the diversity of staff who contribute to the achievement of the institution s objectives. A UCL-wide Race Equality Group was established as a consultative body and source of expertise on race and ethnicity; a new Equality Champions Network was launched to ensure that there is visible leadership on equalities and diversity; and UCL's first Diversity Month programme of events was held, which consisted of a number of thought-provoking discussions. The year also saw the launch of UCL's first overarching Equalities and Diversity Strategy, approved by Council towards the end of the reporting period. UCL has continued its work with unions and managers to gain commitment for promoting wellbeing at work together. UCL has invested in the health and wellbeing of staff through the re-investment in an Employee Assistance Programme and the introduction of physiotherapy services to tackle the main causes of sickness absence and work relevant ill health. There has been a 5% reduction in sickness absence related to musculoskeletal disorders over the reporting period. Average sickness absence rates at UCL were relatively low at 2.6 days per person per annum. A new performance rating process was introduced for all Professors, linked to the full implementation of an innovative online appraisal system bringing performance information from a number of existing UCL record systems. A programme of workshops was undertaken to support performance management across UCL. Two new courses were developed: Getting the best out of people and Dealing with difficult conversations to support improvements to our performance management framework and in response to feedback from the staff survey. During the year there continued to be significant review and restructure of a number of Professional Services divisions to improve service delivery and ensure efficiency. To ensure UCL met its obligations as an employer and to better support staff, a new outplacement advisory service was established. The redeployment process was also revised to enable staff to have every opportunity to be redeployed across the organisation, consequently minimising the number of redundancies. Estates The estate plays a vital role in the creation of a UCL sense of identity and place and contributes to UCL s world-class educational and research experience. It is also the Institution s most valuable financial asset and one of its biggest costs. With such an important role, the estate has to be fit for purpose, efficiently and effectively support the academic mission of the institution, and be effectively utilised and environmentally sustainable. The Estate Strategy is subject to an ongoing comprehensive review. Following completion of a thorough utilisation study last year, a new Masterplan for the Bloomsbury Campus was commissioned in June The Masterplan team, led by the architectural practice Lifchutz 15

19 OPERATING AND FINANCIAL REVIEW Davidson Sandilands has worked throughout the year, engaging with academics, support staff and students. In July 2011, UCL Council approved the Bloomsbury Masterplan, the centerpiece of the emerging new Estate Strategy, a long term and flexible framework for the improvement and development of the Bloomsbury estate for the next ten years and beyond. The plan sets out a series of cohesive and complementary strategies to guide change and improvement to the campus in future. A substantial investment programme resulted, which in the first 3 years to is likely to amount to over 100 million. The Sainsbury Wellcome Centre, a partnership between the Gatsby Charitable Foundation and the Wellcome Trust to establish a new Research Centre in Neural Circuits and Behaviour at UCL has been committed during the year and will open in This will comprise a 14,000 square metre building on the site of the former Windeyer Building on Howland Street, now being demolished. During the year many projects have been completed to rehouse occupants of the Windeyer Building across other parts of the estate. A substantial number of major estates projects have been completed during the year. A sample includes the Darwin Building refurbishment for the Faculty of Life Sciences, including a major upgrade of one of UCL s premier lecture theatres; a major refurbishment and reconfiguration of the Lewis s Building on Gower Street to create a new Student Union building including café, bars, nightclub and offices; refurbishment of the recently acquired Central House to create offices and teaching space for The Bartlett and Corporate Support Services; refurbishment of the Thomas Lewis Room in the Rockefeller Building as the new home of The Grant Museum. A multifaceted property transaction was completed during the year with the UCL Hospitals Trust. This included the transfer of the former Medical Students Union building at Huntley Street to the Trust and UCL acquiring the freehold ownership of Queen Square House, the home of the Institute of Neurology. This is an important acquisition for UCL providing long term security and flexibility to improve the facility. UCL acquired a new student residence development at Caledonian Road Islington during the year providing 350 new bedrooms to be completed in Development and Alumni Relations (DARO) DARO has undergone a number of significant changes in the last year including a split from its old single team with corporate communications, to two separate, but co-located teams. In February a new DARO Director arrived and one of the first tasks has been to set out a clear direction and plan for future fundraising, with this in mind, DARO developed the following mission statement: To significantly increase philanthropic support to UCL in keeping with its position as a world leading centre of learning and research; to work closely with the academic community to ensure that our fundraising and alumni activities fully reflect the strategic priorities of UCL; to ensure that we have a supportive body of alumni and friends with whom UCL has mutually beneficial relationships; to develop a fundraising and alumni relations operation that is internationally recognised as a centre of professional excellence in the sector. Funding has been secured for a number of projects across UCL including the successful campaign for the Lewis s building, which raised over 1.3million. In the next year relationships with departments and teams across UCL will be strengthened and work undertaken with academic leader to identify funding priorities. For the third year running UCL's Annual Fund has generated over 500,000 in income, which each year is used to support scholarships, research and the work of departments across UCL. A key part of this success is the role of current UCL students who phone UCL alumni to encourage them to give back to their alma mater. The most recent campaign finished in 16


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