Financial Reporting and Compliance

Financial Reporting and Compliance manages the year-end audit process, updates the investment portfolio and the endowments, maintains the chart of accounts, processes journals (including internal debit notes-IDNs), advises on relocation claims and prepares the annual TRAC return and OFS Annual Financial return (previously HESA Financial Record).

The team also supports the activities of LSE Enterprise, LSE Foundation and The Russell Group of Universities.

Chart of Accounts

For all requests complete the Finance Division Enquiry Form.

For new projects select Financial Planning & Analysis

For other new accounts and access to OneFinance, select Finance Systems.

OFS Financial Return

This is filed annually with the Office for Students and is used by various organisations for benchmarking.

For queries complete the Finance Division Enquiry Form and select Financial Reporting & Compliance.

Investments and Endowments

Investments and endowments are updated monthly on OneFinance.  Information on endowments and donors’ statements can be provided on request.

For queries complete the Finance Division Enquiry Form and select Financial Reporting & Compliance.

Journals (including Internal Debit Notes-IDNs)

Journals should be prepared using Data Entry on OneFinance. 

Raising a Budget Journal [Training guide]
Raising a General Journal to Amend Coding [Training guide]

For queries regarding journals:

complete the Finance Division Enquiry Form.

Select Financial Reporting & Compliance regarding standard journals. Select Financial Planning & Analysis regarding budget journals. 

LSE Foundation

LSE Foundation is based in New York and undertakes fundraising activities for the School as well as building alumni relations.

Services carried out are bookkeeping, maintenance of financial records, preparation of the annual financial statements and tax compliance.

For queries complete the Finance Division Enquiry Form and select Financial Reporting & Compliance. 

Relocation Claims

Expenses claimed against relocation package are authorised and administered by the Relocation Coordinator. 

For enquiries, complete the Finance Division Enquiry Form.

Select Financial Reporting & Compliance and the Relocation Expenses.

The relocation policy is available on the HR website. Please follow this link for further information. 

Residences and Catering 

Responsible for :

  • interface reconciliation between Rezlynx and OneFinance
  • reconciling Residences accommodation system into OneFinance
  • accommodation cross charge between Rezlynx and OneFinance (internal bookings)
  • Residences year-end audit

Russell Group of Universities

The Russell Group represents 24 leading UK universities and carries out research on their behalf.

The team provides the Group, which is not part of LSE, with bookkeeping services and prepares monthly management accounts and annual financial statements which are approved by its Directors.

Transparent Approach to Costing (TRAC)

All HE institutions are required to file an annual return with Office for Students.  The indirect and estates charge-out rates are derived from this return.

If you have a query, please complete the Finance Division Enquiry Form, selecting Financial Reporting & Compliance

TRAC Time Allocation Survey

As required by the Office for Students, we are conducting a time allocation survey in 2021/22.  

The Purpose of TRAC and the Requirement for the Time Allocation Survey

Guidance for Academics

Classification of Time

Guidance for Departmental Managers

Any queries, please contact 

Month-End Schedule (FY 2023-24) and 
Year End Guidance 31st July 2023 (FY 2022-23)

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