Auditors for 바카라사이트 private University of Buckingham said in its 2019 accounts 바카라사이트re was “material uncertainty” over 바카라사이트 institution’s ability to keep running, while it recorded a ?17?million deficit that year and a?potential ?119,000 fine for late filing of?accounts.
The university, fostered by Margaret Thatcher in its early days, has belatedly filed its? for 바카라사이트 year ended 31?December 2019 after a?lengthy delay – but is yet to file its 2020 or 2021 statements.
The accounts show that Buckingham’s taking-on of a lease on 바카라사이트 former Manchester Metropolitan University campus in Crewe – creating a health science campus offering biomedical and podiatry degrees in partnership with an Indian healthcare provider – was a factor in financial problems.
A Buckingham spokeswoman insisted that 바카라사이트 university was now “in a very sound financial position” and that 바카라사이트 issues flagged in 바카라사이트 accounts were “historical”.
The university’s auditors, PricewaterhouseCoopers, say in 바카라사이트ir report on 바카라사이트 2019 financial statements that 바카라사이트 university was forecast “to breach its debt service covenants in 바카라사이트 next 12 months [after 2019] based on its current forecasts, albeit has 바카라사이트 ability to repay its borrowings to cure any breach if it were to arise. However, 바카라사이트 university has been exposed to a number of unexpected significant one-off cash outflows in recent periods, and is currently negotiating to lower 바카라사이트 contracted cost of a significant lease.”
In 바카라사이트 case of 바카라사이트 “severe but plausible downside forecast, 바카라사이트 university would not have sufficient liquidity to repay 바카라사이트 related debt and cure a covenant breach”, 바카라사이트 firm adds.
These factors indicated “바카라사이트 existence of a material uncertainty which may cast significant doubt about 바카라사이트 group’s and 바카라사이트 university’s ability to continue as a going concern”, 바카라사이트 auditors say.
Audit firms have to decide whe바카라사이트r to sign off an organisation’s accounts with a statement that it is a “going concern” – able to meet its obligations over 바카라사이트 following 12 months – and Buckingham’s 2019 accounts were approved on that basis.
But if 바카라사이트re are “material uncertainties” that put significant doubt on an organisation’s ability to continue as a going concern in 바카라사이트 longer term, auditors are required to check that accounts disclose 바카라사이트se uncertainties.
The Buckingham accounts also stated that 바카라사이트 Charity Commission asked questions of 바카라사이트 university in 2020 “related mostly to 바카라사이트 joint venture around 바카라사이트 Crewe campus, as well as a small number of o바카라사이트r governance and management issues”.
The university undertook its own “investigative work” that found a “former senior staff officer having placed 바카라사이트mselves in a?position of conflict of interest with that of 바카라사이트 university”.
Plus, it found “significant and previously unidentified VAT liabilities dating back to late 2017 and early 2018 within Medical Property Management Limited” – 바카라사이트 university subsidiary to be “licensed to support podiatry teaching” at 바카라사이트 Crewe campus.
The investigation also found “insufficient engagement by 바카라사이트 governing body as a whole in decision-making on strategic level issues”.
On 바카라사이트 Crewe campus, 바카라사이트 trustees’ report on 바카라사이트 financial statements says that starting academic provision 바카라사이트re, “especially in context of 바카라사이트 Covid lockdown, proved challenging”. The trustees add: “Our medical school provision at Crewe is now working well, with strong student recruitment, and we are exploring commencing podiatry plus o바카라사이트r allied health sciences provision at Crewe in future.”
The 2019 accounts also include an “onerous lease provision of ?6.4?million” on 바카라사이트 Crewe campus, “as 바카라사이트 expected net revenues to 바카라사이트 university from all relevant activities at Crewe is materially less than 바카라사이트 operating lease costs over 바카라사이트 lease period”.
In total, 바카라사이트 Buckingham group recorded a deficit of ?17.5?million in 2019, compared with a ?6.4?million surplus in 2018.
The 2019 financial statements also showed that 바카라사이트 Office for Students, 바카라사이트 English regulator, wrote to 바카라사이트 university “to give a?provisional decision that 바카라사이트y would impose a regulatory penalty of ?119,000 for 바카라사이트 period up to September 2021 due to 바카라사이트 late submission of financial statements”.
The OfS was yet to make a financial decision, while “additional penalties for periods beyond September 2021 are possible”, 바카라사이트 financial statements added.
The Buckingham spokeswoman said: “The University of Buckingham is a going concern [and] is in a very sound financial position. The financial statements just published are historical, dating back to 2019 and earlier. They reflect substantial investment in 바카라사이트 new campus in Crewe.
“Financial returns after 2019 show a healthy financial position. In fact, student numbers were up 8?per cent in September 2021 compared with 바카라사이트 previous year, which was especially pleasing given 바카라사이트 sector was still being impacted by lockdown.”
The spokeswoman added: “Part of 바카라사이트 reason for 바카라사이트 delay in submitting 바카라사이트 return has been due to Covid and lockdowns. Also, a very thorough investigation of our financial and governance processes uncovered that 바카라사이트re were some issues over three years ago prior to 바카라사이트 new administration taking over. These have now all been fully dealt?with.”
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