Financial Statements 2019/2020
MIDDLESEX UNIVERSITY NOTES TO THE ACCOUNTS
Year Ended 31 July 2020 1. STATEMENT OF ACCOUNTING POLICIES
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Financial Statements.
A. Basis of preparation
These Financial Statements have been prepared in accordance with the Statement of Recommended Practice (SORP): Accounting for Further and Higher Education 2019 edition and in accordance with Financial Reporting Standard 102 (FRS 102). They have also been prepared in accordance with the Accounts Direction issued by the Office for Students (OfS).
The University is a public benefit entity and therefore has applied the relevant public benefit requirement of FRS 102. The Financial Statements are prepared in accordance with the historical cost convention (modified by the revaluation of land and buildings fixed assets).
B. Going Concern
The Financial Statements have been prepared on the basis that the University is a going concern. As part of the going concern assumption, the Board has considered the University’s financial position over a period of twelve months from the date when the Financial Statements are authorised for issue. This period includes the current academic year and 2021/22 academic year.
The University’s budget for 2020/21 was approved by the Board in July 2020 and included a financial forecast for future years.
In making the going concern assessment, the Board has considered the enrolled student numbers, October 2020 recruitment and the current cash balances and the impact of this on the cash flow forecasts. The Board also assessed the principal risks discussed at pages 65 to 67 of the Financial Review. Part of the assessment consisted of modelling a number of possible scenarios to reflect those risks, such as no overseas students in 2020/21 or a significant decrease in overall student numbers (international and home/EU) due to the pandemic.
There are still areas of uncertainty related to the potential implications of COVID-19 on the University’s financial position, such as failing to meet the targets for January 2021 recruitment and loss of accommodation income or other demand led income.
The Board have reviewed these areas of uncertainty and have concluded that there is sufficient headroom in the forecasts such that these are not material uncertainties.
Middlesex University
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