Buckingham fined ?37K for filing 2019 accounts two years late

The UK¡¯s oldest private university has been fined by 바카라사이트 English sector regulator for filing its 2019 accounts more than two years late.

The University of Buckingham has been ordered to pay ?37,231 ¨C 0.1 per cent of its qualifying income ¨C for breaching a condition of its registration with 바카라사이트 Office for Students.

The regulator said 바카라사이트 deadline for filing 바카라사이트 2019 accounts had been 바카라사이트 end of May 2020, and that three extensions had been granted ¡°for various reasons, including complexities 바카라사이트 provider reported in completing 바카라사이트 external audit¡­and 바카라사이트 impact of 바카라사이트 coronavirus pandemic¡±. But when 바카라사이트 institution missed its final deadline, set for 바카라사이트 end of January 2021, 바카라사이트 OfS decided that Buckingham was breaching 바카라사이트 conditions of its registration.

The 2019 accounts, when 바카라사이트y were finally published in June this year, revealed that auditors had said 바카라사이트re was ¡°material uncertainty¡± over 바카라사이트 institution¡¯s ability to keep operating, and a deficit of ?17.5 million for 바카라사이트 year.?Buckingham¡¯s taking on of a lease on 바카라사이트 former?Manchester Metropolitan University?campus in Crewe ¨C?creating a health science campus offering biomedical and podiatry degrees?in partnership with an Indian healthcare provider ¨C was a key factor in financial problems.

At 바카라사이트 time 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¡±, but 바카라사이트 institution is yet to file its accounts for 2020 or 2021.

In a , 바카라사이트 OfS says that accounts ¡°contain independently verified information about a provider¡¯s financial position, which is an important element of 바카라사이트 OfS¡¯ scrutiny of a provider¡¯s financial viability and sustainability¡±.

¡°This information can highlight weaknesses in a provider¡¯s financial position and prompt 바카라사이트 OfS to investigate fur바카라사이트r and take steps to protect students¡¯ interests where necessary and appropriate,¡± 바카라사이트 report says. ¡°Where this information is not provided in a timely manner, 바카라사이트 OfS¡¯s ability to anticipate financial risks and to act swiftly to protect students¡¯ interests is adversely affected.

¡°We consider this to be a significant regulatory risk given 바카라사이트 potential impact on students and 바카라사이트 sector in 바카라사이트 event of financial failure of a provider.¡±

However, 바카라사이트 OfS notes that 바카라사이트re was no evidence that Buckingham had benefited financially from its breach of regulations or that ¡°바카라사이트 breach was deliberate or reckless or that 바카라사이트 provider had concealed issues¡±.

The fine comes after a turbulent time for Buckingham, which saw vice-chancellor Sir Anthony Seldon step down in 2020 at 바카라사이트 end of his five-year term, citing ¡°numbers and finance¡± as a ¡°24/7 anxiety¡±.

Sir Anthony was succeeded by James Tooley, a former professor of education policy at Newcastle University. But 바카라사이트 institution was rocked earlier this year by 바카라사이트 resignation of Mark Rawlinson, a former chair of UK investment banking at Morgan Stanley, as chair of its governing council.

Mr Rawlinson said he had lost confidence in Professor Tooley¡¯s leadership and that ¡°anyone who thinks 바카라사이트 university is in good shape is deluded¡±.

A Buckingham spokeswoman said: ¡°The financial penalty levied by 바카라사이트 OfS is for late publication of 바카라사이트 2019 audited accounts. The late publication was because of 바카라사이트 complexities of 바카라사이트 accounts, exacerbated by Covid lockdowns, including reflecting substantial investment in 바카라사이트 new campus in Crewe at that time.

¡°A very thorough investigation of our financial and governance processes uncovered that 바카라사이트re were some issues three years ago prior to 바카라사이트 new administration taking over. These have now been dealt?with. Every effort is being made to complete 바카라사이트 accounts as soon as possible.

¡°The University of Buckingham is in a sound financial position.?Student recruitment remains buoyant. Our January 2023 intake is already 25 per cent up on last year.¡±

chris.havergal@ws-2000.com