|Finance Investigation At Ealing College|
Leaked report raises concerns about accounts
It's being reported that auditors have expressed serious concerns about the finances of a local college after a ‘black hole’ of more than four millions pounds was found in its accounts.
Auditors, Grant Thornton, have been looking into the books at Ealing Hammersmith and West London college after discrepancies were found in the accounts and a large deficit found last year.
The information came to light after an interim report was discovered and leaked to the Evening Standard who have reported it here.
The college categorically deny it's being investigated for fraud and say the final report published in September 'highlighted the auditors had not identified any conclusive evidence of fraud.''
The college has more than 25,000 students and operates across four sites - it's in the process of cutting £5million, putting 85 staff at risk of redundancy.
Members of the University and College Union (UCU) have recently been holding a series of protests over the cuts and job losses.
Speaking before news of the leaked report,Tim Dalrymple, lead UCU negotiator at the college, said: " Staff have felt let down by senior management over a series of years and fail to understand why they must pay the price for mistakes made by those at the top.
"This protest is just the start of our campaign of opposition to these cuts."
Interim principal Dr Elaine McMahon is currently working to address the deficit.
Garry Phillips has been appointed as Principal and Chief Executive and will take over in July.
13th March 2014