Financial Statements 2018/19


University’s Strategy and other major strategic policies which sit underneath this or for which it has a legal responsibility to oversee. Other major tasks crucial to the success and sustainability of the University are the appointment and performance management of the Vice-Chancellor and other senior post holders, adoption of its annual Financial Statements, budgets, financial forecasts and the appointment of the University’s internal and external auditors.


The Board is responsible for approving annual returns to the Office for Students as required.


The Board of Governors comprises a majority of members from outside the University, from whom the Chair and Deputy Chair position are drawn, together with the Vice-Chancellor and members of the staff and student bodies.


Conduct of business


The Board has six Board meetings per year and two away days to consider long term strategy. The formal Board meetings are supplemented by informal briefing sessions on relevant issues and attendance at key University events. This helps to ensure that Governors are part of the wider community of the University and that they are fully briefed on the activities of and challenges and opportunities facing the University.


There is a clear division of responsibility in that the roles of Chair and Deputy Chair of the Board of Governors are separated from the role of the University’s Vice-Chancellor.


The Board has a number of standing committees to help it discharge its business effectively.


Finance and Infrastructure Committee


The Finance and Infrastructure Committee’s role is to consider the effective and efficient use of the University’s financial resources, estate, facilities and ICT infrastructure, including ensuring the solvency of the University and the safeguarding of its assets, and to make recommendations to the Board or act with delegated decision-making powers from the Board.


Audit and Risk Committee


The Audit and Risk Committee is responsible to the Board of Governors for adequate and effective risk management, control and governance (including ensuring the probity of the financial statements and the effective management and quality assurance of data submitted to funding bodies) and for the economy, efficiency and effectiveness of the institution’s activities. The Committee meets with the University’s external


and internal auditors in attendance. The Committee considers detailed reports together with recommendations for the improvement of the University’s systems of internal control and management’s responses and implementation plans.


The Committee reports to the Board on the adequacy and effectiveness of the University’s arrangements for:


— Risk management, control and governance


— Financial reporting (i.e. the integrity of financial reporting arrangements, including the corporate governance statement and the statement of members’ responsibilities as reported in the annual financial statements)


— Economy, efficiency and effectiveness (Value for Money) — Data quality.


It also receives and considers reports from the Office for Students as they affect the University’s business and monitors adherence to the regulatory requirements. While senior executives attend meetings of the Audit and Risk Committee as necessary, they are not members of the Committee and the Committee meets annually with the Auditors on their own for independent discussions.


The University’s internal auditors monitor the systems of internal control in accordance with an agreed plan of input and report their findings to management and the Audit and Risk Committee.


Management is responsible for the implementation of agreed audit recommendations and the internal auditor undertakes periodic follow up reviews to ensure such recommendations have been implemented.


The Audit and Risk Committee also advises the Board of Governors on the appointment of internal and external auditors and the remuneration for both audit and non- audit work.


Middlesex University 57


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