Middlesex University
Financial Statements 2015/16
Independent Auditors’ Report to the Governors of Middlesex University
We have audited the financial statements of Middlesex University for the year ended 31 July 2016 which comprise the Consolidated and University Statement of Comprehensive Income, Consolidated Statement of Changes in Reserves, the Balance Sheets for the Group and the University, the Consolidated Cash Flow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the University’s Governors, as a body, in accordance with paragraph 124B of the Education Reform Act 1988. Our audit work has been undertaken so that we might state to the University’s Governors those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the University and the University’s Governors as a body, for our audit work, for this report, or for the opinions we have formed.
Respective Responsibilities of the University’s Governing Body and Auditors
As explained more fully in the statement of responsibilities of the Board of Governors, the members of the Governing Body are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.
Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law, regulatory requirements and International Standards on Auditing (UK and Ireland) and the Audit Code of Practice issued by the Higher Education Funding Council for England. Those standards require us to comply with the Financial Reporting Council’s (FRC’s) Ethical Standards for Auditors.
Scope of the audit of the financial statements A description of the scope of an audit of financial statements is provided on the FRC’s website at
www.frc.org.uk/auditscopeukprivate.
In addition, we also report to you whether income from funding bodies, grants and income for specific purposes and from other restricted funds administered by the University have been properly applied only for the purposes for which they were received and whether income has been applied in accordance with the Statutes and, where appropriate, with the Memorandum of Assurance and Accountability with the Higher Education Funding Council for England.
Opinion on the financial statements In our opinion, the financial statements: — give a true and fair view of the state of the Group’s and the University’s affairs as at 31 July 2016 and of the Group and University’s income and expenditure, gains and losses and reserves and the Group’s cash flows for the year;
— have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
— have been properly prepared in accordance with the Statement of Recommended Practice: Accounting for Further and Higher Education.
Opinion on other matters required by the Higher Education Funding Council for England Audit Code of Practice
In our opinion, in all material respects: — Funds from whatever source administered by the University for specific purposes have been properly applied to those purposes and, if relevant, managed in accordance with relevant legislation;
— Funds provided by HEFCE have been applied in accordance with the Memorandum of Assurance and Accountability and any other terms and conditions attached to them; and
— The requirements of the HEFCE’s Accounts Direction have been met.
James Aston, Senior Statutory Auditor for and on behalf of BDO LLP, Statutory Auditor Gatwick
United Kingdom Date: 28 November 2016
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
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