Swansea University accounts delayed by suspensions and audit

STAFF suspensions and an internal audit at Swansea University are continuing to delay the publication of its annual accounts.

All other universities in Wales, England and Scotland have published their 2017-18 financial statements.

Regulator of the Higher Education Funding Council for Wales (HEFCW) said it expected statements for the preceding financial year to be submitted by November 30, meaning Swansea University’s is more than six months late.

“We are currently engaging with the university regarding the finalisation of their financial statements,” said a HEFCW spokeswoman.

The university said the further work it needed to do was related to the suspension of employees and a linked internal audit.

“It has no bearing on the financial wellbeing or performance of the university,” said a university spokeswoman.

The first of the six suspensions happened last November and are part of an ongoing inquiry into alleged conflicts of interest.

One of the six suspended staff has since resigned, claiming constructive dismissal.

The university’s accounts are published in its annual operating and financial review.

The latest such review from 2016-17 highlighted the university’s many successes, including its top Welsh university ranking.

At that time there were 20,831 undergraduates and postgraduates, a fifth of whom were from overseas.

More than three-quarters of undergraduates, it said, achieved a first or 2:1 in their degree and student satisfaction was high.

Income in 2016-17 was £278m – just over half coming from student fees – but this was down from £296m the previous year.

Expenditure was £259m, leaving an £18m surplus.

The outlook section of the review said: “The university continues to make a major investment in its estate which will dominate its financial position over the next 10 years.”