Aims of session:
a) for the audience to understand how universities (their employers) report their financial results;b) to understand how financial reporting standards, developed in a theoretical setting, influence wider stakeholders’ comprehension of the financial position of a university and why this might present a challenge to making the case for funding universities;c) to question whether academic study [by students] should include more development of narrative skills alongside numerical aptitude.
Nicola is CFO at Jisc (who provide the Eduroam service to universities amongst many other things). She qualified with EY, then moved to the BBC, returning to EY briefly before becoming deputy FD at UCL and FD at St George’s, University of London.
Karel has worked in higher education since 1993, when she made a career change from banking and financial systems. She has been Executive Director of BUFDG since 2003 helping finance directors and their teams in universities support teaching, research, and commercial activities. The unique nature of universities as businesses means that BUFDG members appreciate the specialist help on tax and payroll issues as well as financial reporting, procurement and other management matters that BUFDG delivers through its website, networking events and publications. BUFDG is the founder member of shared service company, Professional HE Services Ltd.
Miles Hedges was educated at Bloxham School and St John’s College, Oxford. He is a Fellow of the Institute of Chartered Accountants in England and Wales and is a Court Assistant of the Chartered Accountants Livery Company and a trustee of the Chartered Accountants Livery Charity.Miles initially spent 11 years as an auditor, which included significant experience of auditing universities and pension schemes. For two years he was Financial Adviser to the Universities Funding Council, sometime funder and regulator of universities across the UK. He has been finance director/chief financial officer of three universities: the University of Nottingham, The Open University and the University of Derby. He has been a trustee of two self-administered trusts providing pension benefits for two of these universities.Miles is a past Chairman of the British Universities Finance Directors Group (BUFDG) and was a member, and sometime chair, of the BUFDG Financial Reporting Group from its inception in 1990 until his retirement from full-time work in 2016. He was a member of the Financial Reporting Council’s UK GAAP Technical Advisory Group and is now a member of the FRC’s Advisory Panel.
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