Financial Statements 2019/2020


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.


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 board of governors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or


— the board of 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.


Other information


The board of 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.


Opinion on other matters required by the Office for Students (“OfS”) and Research England In our opinion, in all material respects:


— Funds from whatever source administered by the University for specific purposes have been properly applied to those purposes and managed in accordance with relevant legislation.


— Funds provided by the OfS and UK Research and Innovation (including Research England) and the Department for Education, have been applied in accordance with the relevant terms and conditions.


— The requirements of the OfS’s Accounts Direction (OfS 2019.41) have been met.


We have nothing to report in respect of the following matters in relation to which the OfS requires us to report to you if, in our opinion:


— The University’s grant and fee income, as disclosed in the note to the accounts, has been materially misstated.


— The University’s expenditure on access and participation activities for the financial year has been materially misstated.


Responsibilities of the governors


As explained more fully in the board of governors’ responsibilities statement set out on page 77, the governors is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the governors are responsible for assessing the Group and the University’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the board either intend to liquidate the Group or the University or to cease operations, or have no realistic alternative but to do so.


Middlesex University


79


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