Hartpury Annual Report July 2025

Hartpury University Annual Report and Financial Statements > 2024/2025

Internal Control

Scope of responsibility

Management is responsible for the implementation of agreed audit recommendations, and internal audit undertakes periodic follow-up reviews to ensure that such recommendations have been implemented. The Audit and Risk Management Committee also advises the Corporation on the appointment of internal auditors, reporting accountants and financial statements auditors, and on their remuneration for audit and non-audit work. The Committee also reports annually to the Corporation.

The system of internal control is designed to manage risk to a reasonable level rather than to eliminate all risk of failure to achieve policies, aims and objectives; it can therefore only provide reasonable and not absolute assurance of effectiveness. The system of internal control is based on an ongoing process designed to identify and prioritise the risks to the achievement of University policies, aims and objectives, to evaluate the likelihood of those risks being realised and the impact should they be realised, and to manage them efficiently, effectively and economically. The system of internal control has been in place at Hartpury University for the year ended 31 July 2025 and up to the date of approval of the annual report and accounts. The Accounting Officer is responsible for ensuring that public funds and assets for which they are personally responsible are safeguarded, and that the contractual responsibilities under funding agreements and contracts with the OfS and DfE are met, in accordance with the responsibilities assigned in the Financial Memorandum between Hartpury University and the funding bodies. They are also responsible for reporting to the Board any material weaknesses or breakdowns in internal control. The purpose of the system of internal control The Corporation is ultimately responsible for the University’s system of internal control and for reviewing its effectiveness. However, such a system is designed to manage rather than eliminate the risk of failure to achieve business objectives and can provide only reasonable, and not absolute, assurance against material misstatement or loss. The Corporation has delegated day-to-day responsibility to the Vice-Chancellor, as Accounting Officer, for maintaining a sound system of internal control that supports the achievement of the University’s policies, aims and objectives. The Corporation has reviewed the key risks to which the University is exposed, together with the operating, financial and compliance controls that have been implemented to mitigate those risks. The Corporation is of the view that there is a formal, ongoing process for identifying, evaluating and managing the University’s significant risks that has been in place for the period ending 31 July 2025 and up to the date of approval of the annual report and accounts. This process is regularly reviewed by the Corporation. Capacity to handle risk

The Audit and Risk Management Committee attendance by its Board members was as follows:

NOV

MAR

JUN

Lucie Hammond

P

P

P

P

P

A

Ian Robinson

P

P

P

Robert Brooks

(P – Present, A – Absent)

A number of co-opted members also attended the meetings.

Members of management attended to present reports and provide information and the Internal and External Auditors. The Committee met without management being present at each of its meetings, in line with good practice.

The Strategy, Finance and Resources Committee

The Strategy, Finance and Resources Committee comprises six members of the Corporation, including the Vice-Chancellor. The Committee operates in accordance with written terms of reference approved by the Corporation. The Strategy, Finance and Resources Committee usually meets four times per year and ensures that annual estimates of income and expenditure, and annual financial accounts, are prepared for approval by the Corporation. It also ensures that financial performance against these annual estimates of income and expenditure is adequately monitored on behalf of the Board of Governors, that statements of financial performance are presented to the Corporation on a regular basis, and that appropriate action is taken on matters raised as a consequence of such reports. The Committee also ensures that a capital budget is prepared for approval by the Board, against which projects can be prioritised. This supports the University in identifying the necessary funding sources and strategies to undertake such projects, and enables the Committee to recommend major capital resource developments for final approval by the Board.

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