Statutes and Ordinances of the University of Cambridge
Statute G
OBLIGATIONS OF COLLEGES

Chapter III

ACCOUNTS

1. Every College shall close its accounts in each year on a day not earlier than 30 June and not later than 30 September, and shall have them audited by a qualified Auditor not being a member of the Governing Body.

2. There shall be an inter-Collegiate Committee on College Accounts composed of representatives of the several Colleges, to which each College shall be entitled to appoint one member.

It shall be the duty of the Committee

  1. (i)to meet at least once a year;
  2. (ii)to consider the form of the Recommended Cambridge College Accounts, having regard to developments in accounting practice generally;
  3. and
  4. (iii)to make recommendations to the Finance Committee of the Council as it deems necessary for the amendment of the Recommended Cambridge College Accounts.

3. Except as provided by Statute T, 54, every College shall when preparing its accounts:

  1. (i)have regard to the Recommended Cambridge College Accounts as determined from time to time by the University on the recommendation of the Finance Committee of the Council, made after considering the advice of the Inter-Collegiate Committee on College Accounts; and
  2. (ii)give a true and fair view of the state of affairs of the College at the end of the financial year and of the income and expenditure of the College for the financial year.

4. Every College shall ensure:

  1. (i)that the report of its Auditor includes an opinion that the accounts comply with section 3 of this Statute and that the payment due under Statute G, II has been calculated in accordance with the provisions therein;
  2. and
  3. (ii)that its accounts are submitted, together with the report of its Auditor, to the Registrary not later than 31 December next after their closing.

If an Auditor is unable to report that the accounts comply with section 3 of this Statute and that the payment due under Statute G, II has been calculated in accordance with the provisions therein, he or she shall state in writing the reasons for that, and the College shall send the statement to the Registrary.

5. Every College shall submit each year to the Registrary a return signed by its Auditor, in such form as shall be prescribed by the Finance Committee after consultation with the Inter-Collegiate Committee on College Accounts, showing the calculation of the payment due under Statute G, II. The University shall publish annually the returns of the several Colleges and financial statements for the Colleges Fund.