End of year:
The University has a financial year end of 31st July. The year end financial position is used to assess how Aston has performed against its strategic plan and budget. Aston also has a statutory duty to produce annual financial statements which are audited externally. The auditors spend several weeks on site checking records and talking to finance and wider staff about the results being presented. They are required to report on whether the financial statements give a true and fair view on the state of Aston’s finances.
The University has a financial year end of 31st July. The year end financial position is used to assess how Aston has performed against its strategic plan and budget. Aston also has a statutory duty to produce annual financial statements which are audited externally. The auditors spend several weeks on site checking records and talking to finance and wider staff about the results being presented. They are required to report on whether the financial statements give a true and fair view on the state of Aston’s finances.
To ensure a clean audit at year end, school and central services accountants work closely with their contacts to check that all costs and income are accounted for in the correct financial year. This entails correctly receipting all purchase orders and accounting.
The budget round:
Aston University plans its future finances, both income and expenditure, at least 5 year forwards. Each year, this strategic plan is used as the start of an annual budget. Starting in January, schools, central support departments and their finance teams estimate what finances they will need over the coming financial year including staff, non-pay and capital spend as well as income estimates. Schools meet with the Vice Chancellor in March to discuss their proposed budgets. These figures are consolidated and reviewed centrally in March/April against the predicted available income to ensure that Aston can meet its annual aims and its longer term Aston Vision plans. The budget is finalised in May/June, agreed by Council and submitted to HEFCE at the end of July. It is reviewed again in the autumn once the student intake numbers are known to ensure that Aston’s aims are still achievable for the year.
Once finalised, these budgets are reported against every month so that senior management can assess the performance of the University toward achieving its goals.
For more information go to finance intranet pages
Other resources:
https://www.bufdg.ac.uk/