Council responsibilities in respect of the financial statements

The Council is responsible for oversight of the affairs of the University and is required to publish audited financial statements for each financial year.

It is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the University to ensure that the financial statements are prepared in accordance with the 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 that are made are reasonable and prudent;
  • the SORP, applicable accounting standards, and the Office for Students’ accounts direction have been followed, subject to any material departures being disclosed and explained in the financial statements;
  • 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 OfS and Research England are used only for the purposes for which they have been given and in accordance with any other conditions which the OfS may from time to time prescribe;
  • there are appropriate financial and management controls in place to safeguard public funds and funds from other sources; 
  • the assets of the University are safeguarded and to prevent and detect fraud; and
  • the management of the University’s resources and expenditure is economical, efficient and effective.

The Council recognises its responsibility for the maintenance and integrity of the University’s website when publishing the financial statements and notes that legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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