Financial Statements 2017/18


Review of operations


Corporate governance continued


The Board of Governors is of the view that there is an ongoing process for identifying, evaluating and managing the University’s significant risks; that it has been in place for the year ended 31 July 2018 and up to the date of approval of the annual accounts and that it is regularly reviewed by the Board.


These processes enable the University to identify those elements of internal control which require further strengthening and these reviews have not identified any significant area of internal control weakness for the University.


Going Concern


After reviewing detailed papers the Board of Governors considered, at its meeting on 26 November 2018, that the University has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.


Statement of the responsibilities of the Board of Governors


The Board of Governors conducts periodic reviews of effectiveness in accordance with the CUC Code of Practice. The last review was completed in 2015. The next review is due in 2019.


In accordance with the University’s Instrument and Articles of Government, the Board of Governors is responsible for the administration and management of the University’s affairs, including ensuring an effective system of internal control, and is required to present audited financial statements for each financial year.


The Board of Governors is responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the University, and to enable it to ensure that the financial statements are prepared in accordance with the University’s Articles, the Statement of Recommended Practice on Accounting in Further and Higher Education Institutions and other relevant UK accounting standards.


In addition, within the OfS terms and conditions of Funding for Higher Education Institutions (for the period to 31 July 2019) and the Funding Agreement with the National College for Teaching and Leadership (NCTL), the University’s Board


of Governors – through its designated accountable officer – is required to prepare financial statements for each financial year which give a true and fair view of the University’s state of affairs and of the surplus or deficit and cash flows for that year.


In preparing the financial statements, the Board of Governors has ensured that:


— Suitable accounting policies are selected and applied consistently


— Judgements and estimates are made that are reasonable and prudent


— Applicable accounting standards have been followed; and


— Financial statements are prepared on the going concern basis unless it is inappropriate to presume that the Institution will continue in operation. The Board of Governors is satisfied that it has adequate resources to continue in operation for the foreseeable future: for this reason the going concern basis continues to be adopted in the preparation of the financial statements.


The Governing Body has taken reasonable steps to:


— Ensure that funds from OfS, SFA and the NCTL are used only for the purposes for which they have been given and in accordance with the memorandum of assurance and accountability with the Funding Councils and the Funding Agreement with NCTL, and any other conditions which the Funding Council or NCTL may from time to time prescribe


— Ensure that there are appropriate financial and management controls in place to safeguard public funds and funds from other sources


— Safeguard the assets of the University, prevent and detect fraud, and ensure that risk management is in place


— Ensure that the Board of Governors’ report and other information included in the Financial Statements are prepared in accordance with relevant legislation in the UK


— Secure the economical, efficient and effective management of the University’s resources and expenditure;


and


— Ensure that the University operates an effective health and safety policy.


54


Middlesex University


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98