Middlesex Strategy 2031. The key three steps in the process are:


— Assess the project against the matrix and score for each core risk theme: are these scores within the Board’s risk appetite range?


— Describe the strategic benefits of the project: do the benefits outweigh and/or justify taking significant risk(s)?


— Consider the mitigations or controls that will be built into the plan to ensure the level of risk is likely to be within the Board’s risk appetite while justified by the defined benefits.


— Monthly management accounts are presented to the Finance and Infrastructure Committee and Governors. The annual budget and financial forecasts are presented to the Finance and Infrastructure Committee ahead of formal approval by the Board of Governors.


GOING CONCERN


After reviewing detailed papers at its meeting on 22 November 2021, the Board of Governors approved the judgement that the University would not face the need to liquidate or materially curtail its activities or any significant part of its activities for 12 months from the date of signing the accounts and therefore agreed that the accounts had been prepared on the basis that the University is a Going Concern.


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.


The Board of Governors has taken reasonable steps to:


— Ensure that funds provided by the OfS, DfE and Research England are applied in accordance with relevant legislation


— Ensure that funds provided by the OfS, DfE and Research England 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.


In addition, within the OfS terms and conditions of funding and the Funding Agreement with the 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.


93


Financial Statements 2020/21


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