Financial Statements 2018/19
Going Concern
After reviewing detailed papers at its meeting on 25 November 2019, the Board of Governors considered 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. Six new governors were appointed to the Board in 2017 and five new governors appointed during 2019. The Board will benefit from the next review once the new Board is fully established.
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 Office for Students 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
— 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 Board of Governors has taken reasonable steps to:
— Ensure that funds from whatever source administered by the higher education institution for specific purposes have been properly applied to those purposes and managed in accordance with relevant legislation
— Ensure that funds provided by the Office for Students are applied in accordance with the terms and conditions of funding for higher education institutions and any other terms and conditions attached to them
— 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 and that the requirements of the Office for Students accounts direction have been met
— Secure the economical, efficient and effective management of the University’s resources and expenditure
— Ensure that the University operates an effective health and safety policy.
Middlesex University 61
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