Council responsibilities in respect of the financial statements
In accordance with the Charter, the Council is responsible for the administration and management of the affairs of the university and is required to present audited financial statements for each financial year.
As such it is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the university to enable it to ensure that the financial statements are prepared in accordance with its Charter and Statutes, the Statement of Recommended Practice – Accounting for Further and Higher Education 2019 (SORP), and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In causing the financial statements to be prepared, the Council has ensured that:
- suitable accounting policies are selected and applied consistently;
- judgements and estimates are made that are reasonable and prudent;
- the SORP, applicable accounting standards, and the Office for Students’ accounts direction has been followed, subject to any material departures being disclosed and explained in the financial statements; and
- financial statements are prepared on a going-concern basis.
In addition, in accordance with OfS Regulations, the Council, through its Accountable Officer, is required to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the university and of the surplus or deficit and cash flows for that year.
The Council has taken reasonable steps to ensure that:
- funds from the Office for Students and Research England are used only for the purposes for which they have been given and in accordance with any other conditions which the Office for Students may from time to time prescribe;
- there are appropriate financial and management controls in place to safeguard public funds and funds from other sources;
- there are controls and procedures in place to safeguard the assets of the university and prevent and detect fraud; and
- the economical, efficient, and effective management of the university’s resources and expenditure is secured.
The Council recognises its responsibility for the maintenance and integrity of the university’s website when publishing the financial statements through this medium and notes that legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.