Financial Crime World

Financial Reporting and Compliance in UK Institutions: A Crucial Aspect of Governance

The financial reporting and compliance landscape in United Kingdom universities is highly regulated, with institutions required to submit annual returns to the Office for Students. This filing serves as a vital benchmarking tool for various organizations.

LSE Foundation: Supporting Financial Reporting and Compliance

LSE Foundation, based in New York, undertakes fundraising activities on behalf of the School while fostering alumni relations. The foundation’s services include:

  • Bookkeeping
  • Financial record maintenance
  • Tax compliance

For any queries related to financial reporting and compliance, please complete the Finance Division Enquiry Form and select “Financial Reporting & Compliance”.

Relocation Policy and Expenses

In addition, the institution has a relocation policy in place, which is administered by the Relocation Coordinator. Expenses claimed against relocation packages are authorized and processed through this channel.

For further information on relocation expenses, please refer to the HR website or complete the Finance Division Enquiry Form, selecting “Financial Reporting & Compliance” and “Relocation Expenses”.

Reconciliation and Audit

Within the finance department, a dedicated team is responsible for reconciling various financial systems. This includes:

  • Interface reconciliation between Rezlynx and OneFinance
  • Reconciling Residences’ accommodation system into OneFinance
  • Accommodation cross-charging between Rezlynx and OneFinance (internal bookings)
  • Leading the Residences year-end audit

Bookkeeping Services to Russell Group

The institution’s finance department has been contracted to provide bookkeeping services to the Russell Group, a coalition of 24 leading UK universities that conducts research on their behalf. As part of this agreement, the team prepares:

  • Monthly management accounts
  • Annual financial statements approved by the Directors

Annual Return Filing with Office for Students

All Higher Education institutions in the UK are required to file an annual return with the Office for Students, which serves as the basis for deriving indirect and estates charge-out rates. For any queries related to financial reporting and compliance, please complete the Finance Division Enquiry Form and select “Financial Reporting & Compliance”.