Statement of Accounts 2020 / 21
Preparation of the Financial Statements
In accordance with the University Statutes , the Council is responsible for governing , managing and regulating the finances , accounts , investments , property , business and all affairs whatsoever of the University and is required to present audited financial statements for each financial year .
The Council 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 Statutes , the Statement of Recommended Practice : Accounting for Further and Higher Education Institutions and other relevant accounting standards . In addition , within the terms of the OfS ’ s Regulatory Framework for Higher Education in England . 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 .
In preparing the financial statements , Council 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 , subject to any material departures disclosed and explained in the financial statements ;
• financial statements are prepared on the going concern basis .
The Council has taken reasonable steps to :
• ensure that funds from the OfS are used only for the purposes for which they have been given and in accordance with the Regulatory Framework for Higher Education in England and any other conditions which it may from time to time prescribe ;
• 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 and prevent and detect fraud and other irregularities ;
• secure the economical , efficient and effective management of the University ’ s resources and expenditure ;
• ensure that material risks are identified , carefully considered and properly managed and that appropriate risk management procedures and processes are in place across the University .
Risk Management and the System of Internal Control
As the governing body of Keele University , the Council has responsibility for maintaining a sound system of internal control that supports the achievement of policies , aims and objectives , while safeguarding public and other funds and assets for which the University is responsible in accordance with the responsibilities assigned to the governing body in the University ’ s Charter and Statutes and in the OfS ’ s Regulatory Framework for Higher Education in England . The system of internal control is designed to manage rather than eliminate the risk of failure to achieve policies , aims and objectives ; it can , therefore , only provide reasonable and not absolute assurance of effectiveness .
The system of internal control is based on an on-going process designed to identify the principal risks to the achievement of policies , aims and objectives , to evaluate the nature and extent of those risks and to manage them efficiently , effectively and economically . The University has reviewed and updated its risk management procedures , which continue to enable it to be fully compliant with OfS requirements .
The University has a published Risk Management Policy , which was approved by the Council in June 2011 and reviewed and updated in November 2011 , November 2015 and November 2019 . This policy identifies clearly and distinguishes the roles and responsibilities of both the Council and the executive . A key element of the policy is the Corporate Risk Register , which is intrinsically linked to the University ’ s Strategic Plan .
The University employs UNIAC to undertake its internal audit functions . The internal auditors submit regular reports to the Audit & Risk Committee , including the head of internal audit ’ s independent opinion on the adequacy and effectiveness of the system of internal control , together with recommendations for improvement . The Chair of Audit & Risk Committee provides the Council with regular reports concerning internal control .
The Council ’ s review of the effectiveness of the system of internal control is informed by the work of the internal auditors and the executive managers within the University who have responsibility for the development and maintenance of the internal control framework , and by comments made by the external auditors in their management letter and other reports .
Value for Money
The University strives to apply value for money considerations to all its processes and activities and this is supported by strong awareness and vigilance across the executive . The Council and the Audit & Risk Committee have adequate and effective arrangements in place to ensure value for money in accordance with the OfS ’ s Regulatory Framework for Higher Education in England . The Audit & Risk Committee also receives a comprehensive report on the Transparent Approach to Costing ( TRAC ) analysis undertaken by the University and submitted to the OfS in January of each year . In addition , all relevant internal audit review undertaken and submitted to the Audit & Risk Committee makes specific observations and judgements concerning the value for money demonstrated .
Register of Interests
The University maintains a Register of Interests of members of the Council and the executive , which may be consulted by arrangement with the Secretary to the Council . Lay members of the Council receive no remuneration for their role although they are reimbursed for travelling and other expenses incurred in attending Council and Committee meetings and other University business in their official capacity . The total sum of expenses claimed by members of the Council for the year to 31 July 2021 was £ nil to no members ( 2020 : £ 3,427 to 8 council members ).
Further Information
Any enquiries about the constitution and governance of the University should be addressed to the Secretary to the Council .
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