Keele University
Independent Auditor ’ s Report
26
INDEPENDENT AUDITOR ’ S REPORT TO THE
Council of Keele University
Opinion
We have audited the financial statements of Keele University (“ the University ”) for the year ended 31 July 2021 which comprise the Statement of Comprehensive Income and Expenditure , Statement of Changes in Reserves , Balance Sheet , Statement of Cash Flows and related notes , including the Statement of Accounting Policies .
In our opinion the financial statements :
• give a true and fair view of the state of the Group ’ s and the University ’ s affairs as at 31 July 2021 and of the Group ’ s and the University ’ s income and expenditure , gains and losses and changes in reserves , and of the Group ’ s cash flows , for the year then ended ; and
• have been properly prepared in accordance with UK accounting standards , including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland , and with the 2019 Statement of Recommended Practice – Accounting for Further and Higher Education .
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing ( UK ) (“ ISAs ( UK )”) and applicable law . Our responsibilities are described below . We have fulfilled our ethical responsibilities under , and are independent of the group in accordance with , UK ethical requirements including the FRC Ethical Standard . We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion .
Going concern
The Council has prepared the financial statements on the going concern basis as they do not intend to liquidate the Group or the University or to cease their operations , and they have concluded that the Group and the University ’ s financial position means that this is realistic . They have also concluded that there are no material uncertainties that could have cast significant doubt over their ability to continue as a going concern for at least a year from the date of approval of the financial statements (“ the going concern period ”).
In our evaluation of the Council ’ s conclusions , we considered the inherent risks to the group ’ s business model and analysed how those risks might affect the Group and University ’ s financial resources or ability to continue operations over the going concern period .
Our conclusions based on this work :
• we consider that the Council ’ s use of the going concern basis of accounting in the preparation of the financial statements is appropriate ;
• we have not identified , and concur with the Council ’ s assessment that there is not , a material uncertainty related to events or conditions that , individually or collectively , may cast significant doubt on the Group or the University ’ s ability to continue as a going concern for the going concern period .
However , as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made , the above conclusions are not a guarantee that the Group or the University will continue in operation .