Financial Statements 2019/2020


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 2020 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 at its meeting on 23 November 2020, 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


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 (OfS) terms and conditions of funding and the Funding Agreement with the Department for Education (DfE), 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 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 and the Department for Education 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


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