Principal's welcome

The University of Edinburgh is a place of innovation, collaboration and bold ambition. I see this every day in the people, research, learning, teaching and other inspiring achievements I witness. 

This edition of our Annual Report and Accounts describes a generally good set of financial outcomes despite some challenging circumstances. Unfortunately, these challenges are growing in severity and urgency and the next financial year is likely to be much more difficult. 

The university sector is facing severe financial challenges brought about by a series of factors, including international student recruitment within an already competitive international student market, increasing staff costs, utility costs, the impact of inflation and supply chain issues together with the continued inadequate levels of funding for Scottish domiciled and other UK students. Our outgoings are consistently growing faster than our income. We are therefore taking a series of steps to change our operating model to ensure that we remain financially sustainable. These actions will be reflected upon in more detail in the next edition of our Annual Report and Accounts.

We need to ensure that Edinburgh remains strongly placed to provide leadership in research, teaching and social impact for the immediate and longer-term future and to seize strategic opportunities when they arise. This will require changes that will be difficult and potentially painful.

The impact of our world-leading research continues to be far-reaching, across disciplines and across the globe. This year, significant strides have been made in areas such as artificial intelligence (AI), sustainability and medical care. Researchers are probing the use of ethical AI, while other academic colleagues have pinpointed cells that can help diseased livers to heal. One of our values is that our work is relevant to society, so we really are seeing our values in action. 

The University’s inaugural Research Impact Festival shared colleagues’ experiences engaging with industry, communities, policy-makers and other practitioners to maximise the benefit of research. 

The importance of interdisciplinary work was highlighted when the Edinburgh Futures Institute opened its doors in June 2024 in the former Edinburgh Royal Infirmary building: a heritage restoration project that we can all be proud of. Students, researchers, partners and civic society can use the space for integration and collaboration, transforming it into a dynamic environment that can benefit the local and global community. 

The importance of interdisciplinary work was highlighted when the Edinburgh Futures Institute opened its doors in June 2024 in the former Edinburgh Royal Infirmary building: a heritage restoration project that we can all be proud of. Students, researchers, partners and civic society can use the space for integration and collaboration, transforming it into a dynamic environment that can benefit the local and global community. 

The University is committed to responsible investment and the way we invest our money has been in sharp focus this year. We invited staff and students to share their views on our Responsible Investment Policy. The existing policy has been widely recognised as being sector-leading but we continue to keep it under review. 

We also convened working groups to consider the definition of armaments and our approach to investments in the international context, with regard to UN Principles for Responsible Investment and our University’s values. Outputs from this work will be considered by the University Executive and ultimately by the University Court. 

We remain committed to internationalism and an inclusive environment, for example welcoming three new fellows from Palestine, Syria, and Sudan as part of our Council for At-Risk Academics (CARA) Fellowship Programme.

The Mastercard Foundation Scholars Program has entered its second phase, nurturing a community of skilled, entrepreneurial, and justice-oriented climate leaders from across Africa. Elsewhere, our Education Beyond Borders programme has also secured funding for students with refugee or related status living in the UK to undertake one-year taught postgraduate programmes. Despite the serious financial challenges facing the sector to which Edinburgh is not immune, we remain confident that we have much to offer society and governments alike: we are key contributors to the economic growth that must underpin the future. Our people contribute to making the University a bold and ambitious place of excellence. It is these individual stories that come together to make us a world-class place to work and study.

The impact of our world-leading research continues to be far-reaching, across disciplines and across the globe.