QMU Strategic Report and Financial Statements 2022 - Responsibilities of the University Court
Responsibilities of the University Court
In accordance with the Companies Act and the University’s Statutory Instrument, the University Court is responsible for the strategic development of the University, and also for ensuring that the affairs of the University are administered and managed appropriately, including ensuring an effective system of internal control, and that audited financial statements are presented for each financial year.
The University Court is responsible for ensuring that proper accounting records are kept which disclose with reasonable accuracy at any time the financial position of the University and enable the University Court to ensure that the financial statements are prepared in accordance with the University’s Articles of Association, the Statement of Recommended Practice: Accounting for Further and Higher Education and other relevant accounting standards. In addition, within the terms and conditions of a Financial Memorandum agreed between the Scottish Funding Council and the University Court, the University Court, through its designated office holder, 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 causing the financial statements to be prepared, the University Court has ensured that:
7*.suitable accounting policies are selected and applied consistently;
8*.judgements and estimates are made that are reasonable and prudent;
9*. applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
10*. financial statements are prepared on the going concern basis unless it is inappropriate to presume that the University will continue in operation. The University Court is satisfied that the University has adequate resources to continue in operation for the foreseeable future: for this reason the going concern basis continues to be adopted in the preparation of the financial statements.
The University Court has taken reasonable steps to:
11*. ensure that funds from the Scottish Funding Council are used only for the purposes for which they have been given and in accordance with the Financial Memorandum with the Funding Council and any other conditions which the Funding Council may from time to time prescribe;
12*. ensure that there are appropriate financial and management controls in place to safeguard public funds and funds from other sources;
13*. safeguard the assets of the University and prevent and detect fraud;
14*. secure the economical, efficient and effective management of the University’s resources and expenditure.