Financial Statements 2019/2020


In adopting this Code of Governance the University is satisfied that it complies with all the primary elements that are the hallmarks of effective governing bodies operating in the UK HE sector.


In order to operate more transparently and efficiently, the Board revised its Instrument and Articles of Government in July 2020. Following Board approval of those documents the set of internal regulations were updated and Board approval was sought in November 2020. These regulations set out internal rules and procedures for certain decisions. They will be subject to regular review and updating.


The Governing Body is responsible for managing the University and exercising the powers assigned to the University in the Articles. It sets the University’s strategic aims, monitors the implementation of the activities undertaken to achieve these, and reports to stakeholders on its stewardship. The Board publishes its minutes on to intranet to promote transparency to internal stakeholders in how it carries out its responsibilities.


The Board has agreed a Policy on Public Interest Disclosure, which is published on the University’s website.


The University maintains a register of interest of members of the Board of Governors and senior officers which is available for inspection on request to the Clerk to the Board of Governors.


Reporting to the Board of Governors are the Audit and Risk Committee, the Finance and Infrastructure Committee, the Governance, Nominations and People Committee, and the Remuneration Committee. These committees are chaired by, and their membership made up primarily from, the independent members of the Board.


Students and staff are represented on the Board of Governors. Members of the University Executive Board attend all Board meetings, and Committee meetings as required.


The Governing Body ensures that there are adequate and effective arrangements in place to provide transparency about value for money and to ensure public funds are managed appropriately in line with the conditions of grant and the principles of regularity, propriety and value for money, and to protect the interests of taxpayers and other stakeholders. The University’s Audit and Risk Committee receives an annual report on value for money arrangements prior to the presentation of the report to the Governing Body. The University’s internal auditor is required to provide an annual report to the University’s Audit and Risk Committee and the Governing Body expressing the internal


auditor’s opinion on the adequacy and effectiveness of the University’s arrangements for value for money. The Audit and Risk Committee, in turn, provides an annual report to the Governing Body which includes the Committee’s opinion on the adequacy and effectiveness of the University’s arrangements for value for money.


The University’s external auditor is required by the Office for Students’ (OfS) Accounts Direction to provide an opinion to the Governing Body on whether, in all material respects, funds (including public funds) have been applied for the intended purposes. This opinion is included in the Independent Auditor’s Report to the Members of the Governing Body in the University’s Report and Financial Statements.


This Corporate Governance statement covers the period for the year ended 31 July 2020 and up to the date of approval of the annual accounts.


Charitable status


Middlesex University is a higher education corporation established under the provisions of the Education Reform Act 1988. The University is also an exempt charity under schedule 3 of the Charities Act 2011, with the Office for Students acting as its principal regulator. The University was notified on 17 September 2018 that it had been added to the register of English Higher Education Providers (the Register). For the purposes of charity law the Governors are the trustees of the University. The charitable purpose of the University is the advancement of education for the public benefit. The Governors have regard to the Charity Commission’s guidance on public interest. Our activities for public interest are outlined on pages 14 to 55.


The Board of Governors


The Board of Governors oversees the activities of the University and determines its strategic direction. The specific powers of the Board are set out in the Instrument and Articles of Government.


The Board has a duty to enable Middlesex University to develop its Vision and Strategy and achieve success in meeting its objectives for education, research and enterprise. In doing this, it seeks at all times to safeguard the reputation and values of the institution.


The Board has a formal function to hold the Vice-Chancellor to account for the effective management of the University. The Board is a steering body and fundamentally serves to add value to the University’s affairs by offering independent expert input to, and constructive challenge of, the decisions of the Executive.


Middlesex University


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