22. Accounting arrangements

22.1. The University’s financial year will run from 1 August until 31 July the following year.

22.2. The consolidated financial statements are prepared under the historical cost convention, modified by the revaluation of certain fixed assets and investments, in accordance with applicable accounting standards.

22.3. The financial statements are prepared for the financial year ending 31 July, in accordance with the Statement of Recommended Practice (SORP) Accounting in Further and Higher Education Institutions. They conform to guidance published by the Higher Education Funding Council for England.

22.4. The Director of Finance will review annually the University’s accounting policies and, in consultation with the external auditors will make recommendations to Audit Committee and to Council in respect of changes as appropriate. As part of the annual approval of the Financial Statements, Council will approve the accounting policies.

22.5. The Director of Finance is responsible for drawing up a timetable for final accounts purposes and will advise staff and the external auditors accordingly.

22.6. The financial statements will be reviewed by the Audit Committee and by the Vice Chancellor’s Executive Group. On the recommendation of VCEG they will be submitted to Council for approval.