University of Winchester
Statement of Board of Governors responsibilities in respect of the strategic report, the directors’ report and the financial statements The Board of Governors is responsible for preparing the strategic report, the directors’ report and the financial statements in accordance with the requirements of the Office for Students’ Terms and conditions of funding for higher education institutions and Research England’s Terms and conditions of Research England grant and applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the University of Winchester’s financial statements in accordance with UK accounting standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland. The terms and conditions of funding further require the financial statements to be prepared in accordance with the 2015 Statement of Recommended Practice – Accounting for Further and Higher Education, in accordance with the requirements of the Accounts Direction issued by the Office for Students. Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the University of Winchester and of their income and expenditure, gains and losses and changes in reserves for that period. In preparing each of the University of Winchester’s financial statements, the directors are required to:
• select suitable accounting policies. • and then apply them consistently. judgements and • make estimates that are reasonable and prudent.
whether applicable UK • state accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.
Winchester’s ability to • assess continue as a going concern,
disclosing, as applicable, matters related to going concern.
the going concern basis of • use accounting unless they either
intend to liquidate the University of Winchester or to cease operations, or have no realistic alternative but to do so. The Board of Governors are responsible for keeping adequate accounting records that are sufficient to show and explain Winchester’s transactions and disclose with reasonable accuracy at any time the financial position of the University of Winchester and enable them to ensure that its financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. They also have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the University of Winchester and to prevent and detect fraud and other irregularities.
The Board of Governors are also responsible for ensuring that: from whatever source • funds administered by Winchester for specific purposes have been properly applied to those purposes and managed in accordance with relevant legislation.
provided by the Office for • funds Students, Research England, the
Department of Education and all other direct funding bodies have been applied in accordance with the terms and conditions attached to them.
are appropriate financial and • there management controls in place to safeguard public funds and funds from other sources; and securing the economical efficient and effective management of Winchester’s resources and expenditure.
The Board of Governors are responsible for the maintenance and integrity of the corporate and financial information included on the University of Winchester website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
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