Financial Statements 2018/19


Opinion


We have audited the financial statements of Middlesex University (“the University”) and its subsidiaries (“the Group”) for the year ended 31 July 2019 which comprise the consolidated and university statement of comprehensive income and expenditure, the consolidated and university statement of changes in reserves, the consolidated and university balance sheet, the consolidated statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).


In our opinion, the financial statements:


— give a true and fair view of the state of the Group’s and of the University’s affairs as at 31 July 2019 and of the Group’s and the University’s income and expenditure, gains and losses, changes in reserves and of the group’s cash flows for the year then ended;


— 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 and relevant legislation.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Group and University in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Other information


The Governors are responsible for the other information. Other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statements, our responsibility is to read the other information including the Strategic Report, Financial Review and Statement of Corporate Governance and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information we are required to report that fact.


We have nothing to report in this regard. Conclusions relating to going concern


We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:


— the Governor’s use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or


— the Governors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Group’s or the University’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.


Middlesex University 63


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