Financial Statements 2011 - Royal Holloway, University of London

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Responsibilities and Membershipof the Council(continued)Reputation13 To safeguard the good name and value of the College.Chief Executive14 To appoint the Principal as chief executive, and to put in placesuitable arrangements for monitoring his/her performance.Secretary15 To appoint a secretary to the Council and to ensure that, if theperson appointed has managerial responsibilities in the College,there is an appropriate separation in the lines of accountability.Employer16 To be the employing authority of the College and to beresponsible for establishing a personnel strategy and overallsuperannuation policy.Health & Safety17 To have ultimate responsibility for the health and safety of allstaff, students and visitors (including the general public) oncampus and its immediate environs).Equal Opportunities18 To ensure that all the business of the College is conductedwithout discriminating against any member of staff, studentor visitor on grounds of race, ethnicity, religion, sex, sexualorientation, marital or parental status, national origin, age ordisability.Finance19 To be the principal financial and business authority of theCollege, to ensure that proper books of accounts are kept, toapprove the annual budget and financial statements and tohave overall responsibility for the College’s assets, property andestate and investment policy.Legal20 To be the College’s legal authority and, as such, to ensurethat systems are in place for meeting all the College’s legalobligations, including those arising from contracts and otherlegal commitments made in the College’s name.Students21 To make such provision as it thinks fit for the general welfare ofstudents, in consultation with the Academic Board.22 To review and approve the constitution of the Students’ Unionat least every five years and to monitor its financial position.23 Under Section 20 of the RHBNCA, to terminate theregistration of students on non-academic grounds or to takedisciplinary action, where appropriate, against students forsevere breaches of disciplinary regulations. The power toterminate a registration on academic grounds rests with theAcademic Board.Trustees24 To act as trustee for any property, legal endowment, bequest orgift, such as the Picture Collection, the Founder’s EndowmentFund, the Bedford Entrance Scholarships and a number of othersmall charitable funds, in support of the work and welfare ofthe College.Governance25 To ensure that the College’s constitution is followed at alltimes and that appropriate advice is available to enable thisto happen.Financial Statements and Accounting RecordsThe Council is responsible for keeping proper accounting recordswhich disclose with reasonable accuracy at any time the financialposition of the College and enable it to ensure that the financialstatements are prepared in accordance with the College’s Statutes,the Statement of Recommended Practice on Accounting in HigherEducation Institutions and UK Generally Accepted AccountingPractice (UK GAAP). In addition, within the terms and conditions ofthe Financial Memorandum agreed between the Higher EducationFunding Council for England, “the Funding Council” and theCouncil of the College, the Council through its designated officeholder, is required to prepare financial statements for each financialyear which give a true and fair view, in accordance with UK GAAP,of the state of affairs of the College and of the surplus or deficitand cash flows for that year.In causing the financial statements to be prepared, the Council hasensured that:-• suitable accounting policies are selected and appliedconsistently;• judgements and estimates are made that are reasonableand prudent;• applicable UK accounting standards have been followed; and• financial statements are prepared on the going concern basis.The Council is satisfied that the College has adequate resourcesto continue in operation for the foreseeable future. For thisreason the going concern basis continues to be adopted in thepreparation of the financial statements.The Council has taken reasonable steps to:-• ensure that funds from the Higher Education Funding Councilfor England are used only for purposes for which they havebeen given and in accordance with the Financial Memorandumwith the Funding Council and any other conditions which theFunding Council may from time to time prescribe;• ensure management controls in place to safeguard public fundsand funds from other sources;• safeguard the assets of the College and to prevent and detectfraud and other irregularities;• secure the economical, efficient and effective management ofthe College’s resources and expenditure.10
Responsibilities and Membershipof the Council(continued)The key elements of the College system of internal financialcontrol, which are designed to discharge the responsibilities set outabove, include the following:-• clear definitions of the responsibilities of, and the authoritydelegated to, heads of academic and administrativedepartments;• a comprehensive medium and short-term planning process,supplemented by income and expenditure, capital and cashflow budgets;• regular reviews of academic performance and monthly reviewsof financial results involving variance reporting and updates offorecast outturns;• clearly defined and formalised requirements for the approvaland control of expenditure, with major investment decisionsbeing subject to detailed appraisal and review;• comprehensive Financial Regulations, detailing financialcontrols and procedures, approved by the Finance Committeeand the Council; and• a professional Internal Auditor whose annual programme ofwork is approved by the Audit and Compliance Committee.MembershipDuring the period from 1 August 2010 and up to the date of thesigning of the Financial Statements, the Council had the followingmembership:Lay MembersMr David Beever (Vice Chair of Council; to 31 July 2011)Mr Paul BlagbroughSir Andrew Burns (Chair of Council to 21 November 2011)Mr Richard Buswell (to 31 December 2010)Mr Stephen CookseyMr Stephen Cox (from 1 August 2011, Chair of Council from 22November 2011)Mr Gurpreet Dehal (from 13 October 2010)Mr Majid Hawa (from 5 October 2011)Mrs Esther HorwoodDr Jackie Hunter (from 1 January 2011)Mrs Margaret Jack (from 1 January 2011)Mr Jeremy McIlroyCllr Hugh MearesMr Mark Newlands (from 13 October 2010)Mr Bob Potts (to 5 October 2011)Mr Bill Rooke (to 31 December 2010)Mr Iain Ross (Vice Chair of Council from 5 October 2011)Mr David Spence (from 13 October 2010)Mrs Gloria Stuart (to 15 December 2010)Mrs Sarah TyackeElected staff membersMr Andy AlwayProfessor Clare BradleyProfessor Felix Driver (to 1 December 2010)Professor Mary FowlerMr Andrew Martin (to 29 June 2011)Dr Emmett Sullivan (to 14 June 2011)Professor Johannes Zanker (from 9 December 2010)Elected student membersMr Jayjit Dave (from 1 November 2010 to 31 July 2011)Mr Joseph Rayment (from 1 August 2011)Ex officio membersProfessor Rob Kemp, Acting Principal (to 16 August 2010)Professor Paul Layzell, Principal (from 16 August 2010)Miss Rachel Pearson, President Students’ Union(2010/11 academic year)Mr Daniel Cooper, President Students’ Union(2011/2012 academic year)11
Page 4 and 5: Financial HighlightsYear Ended31 Ju
Page 6 and 7: Operating and Financial Review(cont
Page 8: Operating and Financial Review(cont
Page 18: Consolidated Statement of Total Rec
Page 22 and 23: Notes to the Financial Statements(c
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Financial Statements 2011 - Royal Holloway, University of London

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