1. The accounts prepared annually by each College and the report of its Auditors submitted under the provision of Statute G, III shall conform to the Recommended Cambridge College Accounts set out in the Schedule below, provided that a College which has not given notice under Statute T, 54 that it will use the Recommended Cambridge College Accounts shall prepare its accounts in the form that was required by Statute G, III on 1 October 2002.
2. The form of the Recommended Cambridge College Accounts shall be determined from time to time by the University on the recommendation of the Finance Committee, made after considering the advice of the Inter-Collegiate Committee on College Accounts.
3. The index referred to in Schedule G in relation to College contributions under Statute G, II shall be the Higher Education Pay and Prices Index (all).
(alternatively Annual Review or Report of the Governing Body)
This report is equivalent to the trustees’ report in the accounts of a charity. It is good practice to include it, but is not explicitly required by accounting standards. Colleges may therefore choose to omit it.
The common topics that might be covered include:
The Statement shown here is for illustrative purposes only. Each College will need to consider what statement should be made in the light of its own Statutes, etc.
The Governing Body is responsible for preparing the Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards.
The College’s Statutes require the Governing Body to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the College and of the surplus or deficit of the College for that period. In preparing those financial statements the Governing Body is required to:
The Governing Body is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the College and to enable them to ensure that the financial statements comply with the Statutes of the University of Cambridge. They are also responsible for safeguarding the assets of the College and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
[The Governing Body is responsible for the maintenance and integrity of the corporate and financial information included on the College’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.*]
* Where the financial statements are published on the internet
The following headings are included for illustrative purposes.
1. Respective Responsibilities of the College's Governing Body
2. Basis of Audit Opinion
3. Opinion
Name and address of firm
Chartered Accountants
and Registered Auditors
Date
The statements of policy set out below may be varied as applicable or omitted where not applicable. Square brackets indicate alternative or optional policies.
The financial statements have been prepared in accordance with the provisions of the Statutes of the College and of the University of Cambridge and applicable Accounting Standards.
In addition, the financial statements [comply] [accord] with the Statement of Recommended Practice for accounting in Further and Higher Education (the SORP) with the exception of the balance sheet which has been presented in the different format set out in the relevant section of the Statutes and Ordinances of the University of Cambridge (RCCA). The provisions of the SORP require Endowments, Deferred Grants, and Revaluation Reserves to be disclosed on the face of the balance sheet whereas RCCA requires that part of this information be disclosed in the notes to the accounts.
The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investment assets [and certain land and buildings].
[The consolidated financial statements consolidate the financial statements of the College and its subsidiary undertaking(s) for the year ended [30 June ….] [other date]. [The results of subsidiary undertakings acquired or disposed of during the period are included in the consolidated income and expenditure account from the date of acquisition or up to the date of disposal.] [The activities of student societies have not been consolidated.]]
Income from permanent capital funds and short-term deposits is credited to the Income and Expenditure Account in the year in which it becomes receivable.
[Income from research grants, contracts, and other services rendered is included to the extent of the completion of the contract or service concerned.]
[Donations and benefactions of an income nature are shown as income in the year in which they become receivable.]
Benefactions and donations accepted on condition that only the income may be spent are credited to the balance sheet as permanent capital funds. The income from a permanent capital fund is shown as income in the year that it is receivable. Income from a permanent capital fund that is not expended in the year in which it is receivable is, at the year-end, transferred from the income and expenditure account to a restricted or unrestricted expendable capital fund, as appropriate. When there is subsequent expenditure of accumulated income from a restricted capital fund, income is credited back to the income and expenditure account from the restricted expendable capital fund to match the expenditure.
Restricted benefactions and donations that are used to fund capital projects are initially credited to a restricted expendable capital fund, and then released over the same estimated useful life that is used to determine the depreciation charge for the capital project.
College fee income is recognized in the period for which it is received and includes all fees chargeable to students or their sponsors. [The costs of any fees waived or written off by the College are included as expenditure.]
The College participates in the Universities Superannuation Scheme (USS), a defined benefit scheme which is externally funded and contracted out of the State Second Pension (S2P). The assets of the scheme are held in a separate trustee administered fund. The College is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis and therefore, as required by FRS 17 ‘Retirement Benefits’, accounts for the scheme as if it were a defined contribution scheme. As a result, the amount charged to the Income and Expenditure Account represents the contributions payable to the scheme in respect of the accounting period.
[A similar note of accounting policy is required in respect of any other scheme in which the College participates, e.g. CCFPS.]
Land and buildings are stated at [cost] [or] [valuation]. Where buildings have been revalued, they are valued on the basis of their depreciated replacement cost. [The valuation on [date] was carried out by [name of firm, Chartered Surveyors.] Freehold buildings are depreciated on a straight line basis over their expected useful economic life of x years. Freehold land is not depreciated. [Leasehold land and buildings are amortised over 50 years, or, if shorter, the period of the lease.]
Where land and buildings are acquired with the aid of specific bequests or donations they are capitalized and depreciated as above. [The related benefactions are credited to a deferred capital account and are released to the Income and Expenditure Account over the expected useful economic life of the related asset on a basis consistent with the depreciation policy.] [The related benefactions are credited to permanent capital.]
Finance costs which are directly attributable to the construction of buildings are [not] capitalized as part of the cost of those assets.
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying amount of the fixed asset may not be recoverable.
Buildings under construction are valued at cost, based on the value of architects’ certificates and other direct costs incurred to [30 June] [31 July] [other date]. They are not depreciated until they are brought into use.
[Land held specifically for development, investment, and subsequent sale is included in current assets at the lower of cost and net realizable value.]
[The cost of additions to operational property shown in the balance sheet includes the cost of land.]
[The College has a [five year] [other period] rolling maintenance plan which is reviewed on an annual basis.] The cost of routine maintenance is [charged to the Income and Expenditure account as it is incurred] [capitalized and depreciated over the expected useful economic life of the asset concerned]. [The College also sets aside sums on a regular basis to meet major maintenance costs which occur on an irregular basis. These are disclosed as designated funds.]
Furniture, fittings, and equipment [is written off in the year of acquisition] [costing less than [£x] per individual item or group of related items is written off in the year of acquisition. All other assets are capitalized and depreciated over their expected useful life as follows:
Furniture and fittings |
[10%] per annum |
Motor vehicles and general equipment |
[20%] per annum |
Computer equipment |
[25%] per annum]. |
[Where equipment is acquired with the aid of specific bequests or donations it is capitalized and depreciated as above. [The related benefactions are credited to a deferred capital account and are released to the Income and Expenditure Account over the expected useful economic life of the related asset on a basis consistent with the depreciation policy.] [The related benefactions are credited to permanent capital.]]
Rare books, silver, works of art, and other assets not related to education are valued at [cost] [market value] [insured value]. [Assets deemed to be inalienable are not included in the balance sheet.]
[Where rare books, silver, works of art, and other assets not related to education are acquired with the aid of specific bequests or donations they are capitalized as above. The related benefactions are credited to [expendable capital] [permanent capital.]]
Fixed assets held under finance leases and the related lease obligations are recorded in the Balance Sheet at the fair value of the leased assets at the inception of the lease. The excesses of lease payments over recorded lease obligations are treated as finance charges which are amortised over each lease term to give a constant rate of charge on the remaining balance of the obligations. Rental costs under operating leases are charged to expenditure in equal amounts over the periods of the leases.
Investments are included in the balance sheet at market value. Investments that are not listed on a recognized stock exchange are carried at historical cost less any provision for impairment in their value.
Stocks are valued at the lower of cost and net realizable value.
Provisions are recognized when the College has a present legal or constructive obligation as a result of a past event, it is probable that a transfer of economic benefit will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
Transactions denominated in foreign currencies are recorded at the rate of exchange ruling at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at year end rates or, where there are related forward foreign exchange contracts, at contract rates. The resulting exchange differences are dealt with in the determination of income and expenditure for the financial year.
The College is an exempt charity within the meaning of Schedule 2 of the Charities Act 1993 and is a charity within the meaning of Section 506 (1) of the Taxes Act 1988. Accordingly, the College is exempt from taxation in respect of income or capital gains received within the categories covered by Section 505 of the Taxes Act 1988 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to exclusively charitable purposes.
The College receives no similar exemption in respect of Value Added Tax.
The College is liable to be assessed for Contribution under the provisions of Statute G, II of the University of Cambridge. Contribution is used to fund grants to Colleges from the Colleges Fund. The College may from time to time be eligible for such grants.
Year to 30 June |
Previous year to 30 June |
||||||
£ |
£ |
||||||
INCOME |
Note |
Total |
Total |
||||
Academic fees and charges |
1 |
x |
x |
||||
Residences, catering, and conferences |
2 |
x |
x |
||||
Endowment income |
3 |
x |
x |
||||
[Income Grant from Colleges Fund |
x |
x] |
|||||
[Other income |
[n] |
x |
|
|
x] |
||
Total income |
x |
|
|
x |
|||
EXPENDITURE |
|||||||
Education |
4 |
x |
x |
||||
Residences, catering, and conferences |
5 |
x |
x |
||||
[Other expenditure |
[n] |
x |
x] |
||||
|
|||||||
Total expenditure |
x |
|
|
x |
|||
Operating surplus/(deficit) |
x |
x |
|||||
[Contribution under Statute G, II |
6 |
x |
|
|
x] |
||
x |
|
|
x |
||||
Transfer to/(from) |
x |
x |
|||||
accumulated income within restricted expendable capital |
|||||||
|
|||||||
Net surplus/(deficit) |
£x |
|
|
£x |
|||
[Transfers to/(from) unrestricted and/or designated funds |
14 |
£x |
|
|
£x] |
Year to 30 June |
Previous year to 30 June |
||||||
Restricted funds |
Unrestricted funds |
||||||
Note |
Collegiate purposes £ |
Non- Collegiate purposes £ |
Designated funds £ |
Undesignated funds £ |
Total £ |
Total £ |
|
Balance brought forward |
x |
x |
x |
x |
x |
x |
|
Unrealized surplus on revaluation of fixed assets |
8 |
x |
x |
x |
x |
x |
x |
Appreciation/depreciation of investment assets |
8 |
x |
x |
x |
x |
x |
x |
Retained surplus/(deficit) for the year |
– |
– |
x |
x |
x |
x |
|
Unspent trust or other restricted fund income retained by funds |
x |
x |
– |
– |
x |
x |
|
Benefactions and donations |
14 |
x |
x |
x |
x |
x |
x |
[Capital Grants received from Colleges Fund |
x
|
x
|
x
|
x
|
x
|
x]
|
|
Deferred capital funds released in year |
(x) |
(x) |
(x) |
(x) |
(x) |
(x) |
|
Transfers |
x |
x |
x |
x |
x |
x |
|
|
|||||||
Actual return less expected return on pension scheme assets |
19 |
x |
x |
x |
x |
x |
x |
Changes in assumptions underlying the present value of the scheme liabilities |
19 |
x |
x |
x |
x |
x |
x |
Experience gains and losses arising on scheme liabilities |
19 |
x
|
x
|
x
|
x
|
x
|
x
|
Total recognized gains/(losses) for the year |
x
|
x
|
x
|
x
|
x
|
x
|
|
Balance carried forward |
14 |
£x |
£x |
£x |
£x |
£x |
£x |
N.B. Items in square brackets may be shown in the notes to the financial statements instead of on the face of the primary statement as presented here. Where subsidiary undertakings are consolidated, the financial information included in the primary statements and notes should be presented both for the College and the Group.
Note
|
As at 30 June £ |
As at 30 June previous year £ |
|||
FIXED ASSETS |
8 |
||||
Tangible assets |
|||||
[Freehold land and buildings |
x |
x |
|||
Long leasehold land and buildings |
x |
x |
|||
Equipment |
x |
x] |
|||
x |
x |
||||
Investments |
|||||
[Freehold land and buildings |
x |
x |
|||
Long leasehold land and buildings |
x |
x |
|||
Fixed interest stocks |
x |
x |
|||
Equities |
x |
x |
|||
Cash |
x |
x] |
|||
x |
x |
||||
x |
x |
||||
CURRENT ASSETS |
|||||
Stocks |
x |
x |
|||
Debtors |
9 |
x |
x |
||
Cash |
10 |
x |
x |
||
x |
x |
||||
Creditors: amounts falling due within one year |
11 |
x
|
x
|
||
Net current assets/(liabilities) |
x |
x |
|||
Total assets less current liabilities |
x |
x |
|||
Creditors: amounts falling due after more than one year |
12 |
x |
x |
||
Provisions for liabilities and charges |
13 |
x |
x |
||
Net assets excluding pension liability/asset |
x |
x |
|||
Pension liability/asset |
x |
x |
|||
NET ASSETS including pension liability/asset |
£x |
£x |
|||
|
|||||
Capital and reserves |
14 |
Income/ expendable capital funds |
Permanent capital funds |
||
£ |
£ |
£ |
£ |
||
Restricted funds held for collegiate purposes* |
x |
x |
x |
x |
|
Restricted funds held for non-collegiate purposes* |
x |
x |
x |
x |
|
Unrestricted funds (excluding pension asset/liability) |
x |
x |
x |
x |
|
Pension reserve |
x |
x |
x |
x |
|
TOTAL |
£x |
£x |
£x |
£x |
|
* as defined by University Statute G, II These accounts were approved by the Governing Body on and are signed on their behalf by: |
N.B. Items in square brackets may be shown in the notes to the financial statements instead of on the face of the primary statement as presented here.
Note |
Year to 30 June £ |
Previous year to 30 June £ |
|
A. OPERATING ACTIVITIES |
|||
[Operating surplus/(deficit) |
x |
x |
|
Depreciation |
8 |
x |
x |
Profit on sale of investment assets |
8 |
x |
x |
Interest payable |
x |
x |
|
Movement in pension deficit/surplus |
x |
x |
|
(Increase)/decrease in stocks |
x |
x |
|
(Increase)/decrease in debtors |
x |
x |
|
Increase/(decrease) in creditors |
11 |
x |
x] |
Net cash inflow/(outflow) from operating activities |
x |
x |
|
B. RETURNS ON INVESTMENTS AND SERVICING OF FINANCE |
|||
[Retained endowment income |
14 |
x |
x |
Interest received |
x |
x |
|
Interest paid |
x |
x |
|
Net cash inflow/(outflow) from returns on investment and servicing of finance |
x
|
x]
|
|
[C. CONTRIBUTION TO COLLEGES FUND |
6 |
x |
x] |
D. CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT |
|||
[Receipts from sales of investment assets |
8 |
x |
x |
Donations and benefactions |
14 |
x |
x |
[Capital Grant received from Colleges Fund |
x |
x] |
|
Total capital receipts |
x |
x |
|
Payments to acquire tangible fixed assets |
8 |
x |
x |
Payments to acquire investment assets |
8 |
x |
x |
Capital funds expenditure |
14 |
x |
x |
Total capital expenditure |
x |
x] |
|
Net cash inflow/(outflow) from investing activities |
x |
x |
|
Net cash inflow/(outflow) before financing |
x |
x |
|
E. FINANCING |
|||
[Long-term loans received |
12 |
x |
x |
Long-term loans repaid |
12 |
x |
x |
Net movement in long-term loans |
x |
x |
|
Advances made to staff and members of College |
x |
x |
|
Advances repaid by staff and members of College |
x |
x |
|
Net movement in advances made to staff and members of College |
x
|
x]
|
|
Net cash inflow/(outflow) from financing |
x |
x |
|
F. INCREASE/(DECREASE) IN CASH |
£x |
£x |
|
Reconciliation of net cash flow to movement in net liquid assets |
|||
Increase in cash in the period |
10 |
x |
x |
Cash inflow from new loans |
x |
x |
|
Cash inflow from liquid resources |
x |
x |
|
Change in net debt resulting from cash flows |
x |
x |
|
Movement in net funds in the period |
x |
x |
|
Net funds brought forward |
x |
x |
|
Net funds carried forward |
£x |
£x |
(1) |
ACADEMIC FEES AND CHARGES |
Year to 30 June |
Previous year |
||||
£ |
£ |
||||||
COLLEGE FEES |
|||||||
Fee income paid on behalf of undergraduates eligible for student support (per capita fee £......) |
x |
x |
|||||
Other undergraduate fee income (per capita fee £......) |
x |
x |
|||||
Graduate fee income (per capita fee £......) |
x |
|
|
x |
|||
x |
x |
||||||
Other |
x |
|
|
x |
|||
Total |
|
£x |
|
|
£x |
|
|
N.B. The figures shown in this Note should agree to those in the College's Education Memorandum. |
(2) |
INCOME FROM RESIDENCES, CATERING, AND CONFERENCES |
|||||||
£ |
£ |
|||||||
Accommodation |
College members |
x |
x |
|||||
Conferences |
x |
x |
||||||
Catering |
College members |
x |
x |
|||||
Conferences |
|
x |
|
|
x |
|
||
Total |
£x |
|
|
£x |
(3) |
ENDOWMENT INCOME |
Year to 30 June |
Previous |
|||||
Income from restricted funds for collegiate purposes* £ |
Income from restricted funds for non-collegiate purposes* £ |
Income from unrestricted funds £ |
Total £ |
years
Total £ |
||||
Transfers from endowment |
x |
x |
x |
x |
x |
|||
Income from: |
||||||||
Quoted securities – equities |
x |
x |
x |
x |
x |
|||
Freehold land and buildings |
x |
x |
x |
x |
x |
|||
Quoted securities – fixed int. |
x |
x |
x |
x |
x |
|||
Cash |
x |
x |
x |
x |
x |
|||
Donations and benefactions |
x |
|
x |
x |
x |
x |
||
Total |
£x |
|
£x |
£x |
£x |
£x |
||
* as defined by University Statute G, II |
Liability to Contribution under Statute G, II: |
Note |
Year to 30 June |
Previous year |
|||||
£ |
£ |
|||||||
Endowment income liable to Contribution |
6 |
x |
x |
|||||
Endowment income not liable to Contribution |
x |
|
|
x |
||||
Total |
£x |
|
|
£x |
||||
Investment Management Costs: |
£ |
£ |
||||||
Freehold land and buildings |
8 |
x |
x |
|||||
Quoted securities – equities |
8 |
x |
x |
|||||
Quoted securities – fixed interest |
8 |
x |
x |
|||||
Cash |
8 |
x |
|
|
x |
|||
Total |
£x |
|
|
£x |
(4) |
EDUCATION EXPENDITURE |
||||||
£ |
£ |
||||||
Teaching |
x |
x |
|||||
Tutorial |
x |
x |
|||||
Admissions |
x |
x |
|||||
Research |
x |
x |
|||||
Scholarships and awards |
x |
x |
|||||
Other educational facilities |
x |
|
|
x |
|
||
Total |
|
£x |
|
|
£x |
|
|
N.B. The figures shown in this Note should agree to those in the College's Education Memorandum. |
(5) |
RESIDENCES, CATERING, AND CONFERENCES EXPENDITURE |
|||||||||
Note |
Year to 30 June |
Previous year |
||||||||
£ |
£ |
|||||||||
Accommodation |
College members |
x |
x |
|||||||
Conferences |
x |
x |
||||||||
Catering |
College members |
x |
x |
|||||||
Conferences |
x |
|
|
x |
|
|||||
Total |
£x |
|
|
£x |
|
(6) |
CONTRIBUTION UNDER STATUTE G, II |
|||||||||
£ |
£ |
|||||||||
Endowment income as per Income and Expenditure Account |
3 |
x |
x |
|||||||
Fund income not brought into Income and Expenditure Account |
x |
|
|
x |
||||||
x |
x |
|||||||||
Less: items not assessable to Contribution: |
||||||||||
Donations and bequests |
x |
|||||||||
Income of funds held for non-Collegiate purposes |
x |
|||||||||
x |
|
|
x |
|||||||
Assessable income |
22a |
x |
x |
|||||||
Less: Deductible items |
22b |
x |
|
|
x |
|||||
x |
x |
|||||||||
Deductible items brought forward from previous year[s] |
x |
|
|
x |
||||||
Net assessable income |
£x |
|
|
£x |
||||||
Assessment (in accordance with Schedule G): |
||||||||||
First band |
@ x% |
x |
x |
|||||||
Second band |
@ y% |
x |
x |
|||||||
Third band |
£xx,xxx @ z% |
x |
|
|
x |
|||||
Contribution payable |
£x |
|
|
£x |
||||||
Excess of deductible items carried forward |
£x |
|
|
£x |
(7a) |
ANALYSIS OF CURRENT YEAR'S EXPENDITURE BY ACTIVITY |
||||
Staff costs (note 18) £ |
Other operating expenses £ |
Depreciation £ |
Total £ |
||
Education (note 4) |
x |
x |
x |
x |
|
Residences, catering, and conferences (note 5) |
x |
x |
x |
x |
|
Other |
x |
x |
x |
x |
|
£x |
£x |
£x |
£x |
||
Other expenditure includes fundraising costs £x. This expenditure [includes] [does not include] the costs of alumni relations. |
(7b) |
ANALYSIS OF PREVIOUS YEAR'S EXPENDITURE BY ACTIVITY |
||||
Staff costs (note 18) £ |
Other operating expenses £ |
Depreciation £ |
Total £ |
||
Education (note 5) |
x |
x |
x |
x |
|
Residences, catering, and conferences (note 5) |
x |
x |
x |
x |
|
Other |
x |
x |
x |
x |
|
£x |
£x |
£x |
£x |
||
Other expenditure includes fundraising costs £x. This expenditure [includes] [does not include] the costs of alumni relations. |
(8) |
FIXED ASSETS |
|||||
Year to 30 June |
||||||
TANGIBLE FIXED ASSETS |
Freehold land and buildings £ |
Furniture, fittings, and equipment £ |
Rare books, works of art, etc. £ |
Total £ |
Previous year Total £ |
|
COST/VALUATION |
||||||
As at 1 July previous year |
x |
x |
x |
x |
x |
|
Additions at cost |
x |
x |
x |
x |
x |
|
Disposals at cost/valuation |
x |
x |
x |
x |
x |
|
Revaluation during the year |
x |
x |
x |
x |
x |
|
As at 30 June current year |
x |
x |
x |
x |
x |
|
ACCUMULATED DEPRECIATION |
||||||
As at 1 July previous year |
x |
x |
x |
x |
x |
|
Charge for the year |
x |
x |
x |
x |
x |
|
Eliminated on disposal |
x |
x |
x |
x |
x |
|
Written back on revaluation |
x |
x |
x |
x |
x |
|
As at 30 June current year |
x |
x |
x |
x |
x |
|
NET BOOK VALUE As at 30 June current year |
x |
x |
x |
x |
x |
|
As at 30 June previous year |
£x |
£x |
£x |
£x |
£x |
|
The insured value of freehold land and buildings as at 30 June current year was £xx,xxx,xxx (previous year: £yy,yyy,yyy). |
||||||
[The net book value of tangible fixed assets includes an amount of £xxx,xxx (previous year: £yyy,yyy) in respect of assets held under finance leases. The depreciation charge on these assets for the year was £xx,xxx (previous year: £yy,yyy).] |
INVESTMENT ASSETS |
Year to 30 June £ |
Previous year £ |
|||||
Balance at 1[July][August] previous year |
x |
x |
|||||
Additions |
x |
x |
|||||
Disposals |
x |
x |
|||||
Appreciation/(depreciation) on disposals/revaluation |
x |
x |
|||||
Increase/(decrease) in cash balances held at fund managers |
x |
|
|
x |
|||
Balance at [30 June][31 July] current year |
£x |
|
|
£x |
|||
Represented by: |
|||||||
Freehold land and buildings |
x |
x |
|||||
Quoted securities – equities |
x |
x |
|||||
Quoted securities – fixed interest |
x |
x |
|||||
Unquoted securities – equities |
x |
x |
|||||
Cash held for reinvestment |
x |
|
|
x |
|||
Total |
£x |
|
|
£x |
(9) |
DEBTORS |
£ |
£ |
||||
Members of the College |
x |
x |
|||||
Others |
x |
|
|
x |
|||
£x |
|
|
£x |
(10) |
CASH |
£ |
£ |
||||
Short-term money market investments |
x |
x |
|||||
Bank deposits |
x |
x |
|||||
Current accounts |
x |
x |
|||||
Cash in hand |
x |
|
|
x |
|||
£x |
|
|
£x |
Year to 30 June |
Previous year |
||||||
(11) |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
£ |
||||
Example |
|||||||
Due to tradesmen and others |
x |
x |
|||||
Members of the College |
x |
x |
|||||
University fees |
x |
x |
|||||
Contribution to Colleges Fund |
x |
x |
|||||
Others |
x |
|
|
x |
|||
£x |
|
|
£x |
(12) |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
||||||
£ |
£ |
||||||
Example |
|||||||
Bank loans |
x |
x |
|||||
Obligations under finance leases |
x |
|
|
x |
|||
£x |
|
|
£x |
(13) |
[PROVISIONS FOR LIABILITIES AND CHARGES |
£ |
£ |
||||
Balance b/f 1 July |
x |
x |
|||||
Expenditure in the period |
x |
x |
|||||
Transferred from Income and Expenditure Account |
x |
x |
|||||
Balance c/f 30 June |
x |
|
|
x |
|
||
£x |
|
|
£x] |
|
(14) |
CAPITAL AND RESERVES |
Previous |
||||||
Year to 30 June |
year |
|||||||
Note |
Income/expendable capital funds £ |
Permanent capital funds £ |
Total £ |
Total £ |
||||
Restricted funds: |
||||||||
Funds for collegiate purposes* |
||||||||
Trust funds |
x |
x |
x |
x |
||||
Donations and benefactions |
x |
x |
x |
x |
||||
Deferred capital funds |
x |
|
x |
x |
x |
|||
x |
|
x |
x |
x |
||||
Funds for non-collegiate purposes |
||||||||
Trust funds |
x |
x |
x |
x |
||||
Donations and benefactions |
x |
x |
x |
x |
||||
Deferred capital funds |
x |
|
x |
x |
x |
|||
x |
|
x |
x |
x |
||||
Unrestricted funds: |
||||||||
Designated funds |
||||||||
Trust funds |
x |
x |
x |
x |
||||
Special funds |
x |
x |
x |
x |
||||
Donations and benefactions |
x |
|
x |
x |
x |
|||
x |
|
x |
x |
x |
||||
Undesignated funds |
||||||||
Corporate capital |
15 |
– |
x |
x |
x |
|||
Donations and benefactions |
x |
x |
x |
x |
||||
Revenue reserves |
15 |
x |
x |
x |
x |
|||
General capital |
x |
– |
x |
x |
||||
Pension reserve |
x |
|
– |
x |
x |
|||
x |
|
x |
x |
x |
||||
£x |
|
£x |
£x |
£x |
||||
* as defined by University Statute G, II |
Reconciliation of movements in capital and reserves: Previous |
||||||||||
Year to 30 June |
year |
|||||||||
Restricted funds |
Unrestricted funds |
Total |
Total |
|||||||
Funds for collegiate purposes |
Funds for non-collegiate purposes |
Designated funds |
Undesignated funds |
|||||||
Income/ expendable capital funds |
Permanent capital funds |
Income/ expendable capital funds |
Permanent capital funds |
Income/ expendable capital funds |
Permanent capital funds |
Income/ expendable capital funds |
Permanent capital Funds |
|||
£ |
£ |
£ |
£ |
£ |
£ |
£ |
£ |
£ |
£ |
|
Balance b/f 1 July |
x |
x |
x |
x |
x |
x |
x |
x |
x |
x |
Increases during year |
x |
x |
x |
x |
x |
x |
x |
x |
x |
x |
Decreases during year |
x |
x |
x |
x |
x |
x |
x |
x |
x |
x |
Balance c/f 30 June |
x |
x |
x |
x |
x |
x |
x |
x |
x |
x |
Analysis of restricted and designated funds: |
Year to 30 June |
Previous |
||
Unrestricted |
year |
|||
Example |
Restricted funds |
funds |
Total |
Total |
£ |
£ |
£ |
£ |
|
Fellowships Funds |
x |
x |
x |
x |
Scholarships Funds |
x |
x |
x |
x |
Prizes Funds |
x |
x |
x |
x |
Hardship Funds |
x |
x |
x |
x |
Bursary Funds |
x |
x |
x |
x |
Travel Grants Funds |
x |
x |
x |
x |
Other Funds |
x |
x |
x |
x |
Total |
£x |
£x |
£x |
£x |
Capital is invested in the following categories of assets: Previous |
||||||||||
Year to 30 June |
year |
|||||||||
Restricted funds |
Unrestricted funds |
Total |
Total |
|||||||
Funds for collegiate purposes |
Funds for non-collegiate purposes |
Designated funds |
Undesignated funds |
|||||||
Income/ expendable capital funds |
Permanent capital funds |
Income/ expendable capital funds |
Permanent capital funds |
Income/ expendable capital funds |
Permanent capital funds |
Income/ expendable capital funds |
Permanent capital funds |
|||
£ |
£ |
£ |
£ |
£ |
£ |
£ |
£ |
£ |
£ |
|
Tangible fixed assets (note 8) |
x |
x |
x |
x |
x |
x |
x |
x |
x |
x |
Investment assets (note 8) |
x |
x |
x |
x |
x |
x |
x |
x |
x |
x |
Net current assets |
x |
x |
x |
x |
x |
x |
x |
x |
x |
x |
Pension liability (note 19) |
x |
x |
x |
x |
x |
x |
x |
x |
x |
x |
Total |
x |
x |
x |
x |
x |
x |
x |
x |
x |
x |
(15) REVALUATION RESERVES [Corporate capital][revenue reserves] (note 14) includes revaluation reserves in respect of tangible fixed assets as follows: |
|||||||
Year to 30 June £ |
Previous year £ |
||||||
Balance b/f 1 July |
x |
x |
|||||
Revaluations during year |
x |
x |
|||||
[Other items charged/credited to revaluation reserve during year] |
x |
|
|
x |
|||
Balance c/f 30 June |
£x |
|
|
£x |
(16) POLICY ON MANAGEMENT OF RESERVES
[Insert policy on management of reserves]
(17a) CAPITAL COMMITMENTS |
Year to 30 June £ |
Previous year £ |
|||||
Capital commitments at 30 June are as follows: |
|||||||
Authorized and contracted |
x |
x |
|||||
Authorized but not yet contracted for |
x |
|
|
x |
|||
Commitments under finance leases entered into but not yet provided for in the financial statements |
x |
|
|
x |
(17b) FINANCIAL COMMITMENTS At 30 June the College had annual commitments under non-cancellable operating leases as follows: |
|||||||
Year to 30 June £ |
Previous year £ |
||||||
Land and buildings |
|||||||
Expiring within one year |
x |
x |
|||||
Expiring between two and five years’ time |
x |
x |
|||||
Expiring in over five years |
x |
|
|
x |
|||
£x |
|
|
£x |
||||
Other |
|||||||
Expiring within one year |
x |
x |
|||||
Expiring between two and five years’ time |
x |
x |
|||||
Expiring in over five years |
x |
|
|
x |
|||
£x |
|
|
£x |
(18) STAFF |
Year to 30 June |
Previous year |
||||
College Fellows £ |
Other academic £ |
Non-academic £ |
Total £ |
Total £ |
||
Staff costs: |
||||||
Emoluments |
x |
x |
x |
x |
x |
|
Social security costs |
x |
x |
x |
x |
x |
|
Other pension costs (see note 19) |
x |
x |
x |
x |
x |
|
£x |
£x |
£x |
£x |
£x |
||
Average staff nos. |
||||||
Academic ([numbers in Governing Body] [numbers of stipendiary staff]) |
x |
x |
x |
x |
x |
|
Non-academic (full-time equiv.) |
x |
x |
x |
x |
x |
|
x |
x |
x |
x |
x |
[The Governing Body comprises xx Fellows, of which the x declared above are stipendiary.] [Of the x Fellows declared above, y are stipendiary.]
The number of officers and employees of the College, including the Head of House, who received emoluments in the following ranges was: |
|||||
|
Year to 30 June |
Previous year |
|
||
£70,000 – £79,999 |
x |
x |
|||
£80,000 – £89,999 |
x |
x |
|||
(continuing in bands of £10,000 until the highest combined stipend and other taxable benefits is reached)* |
|||||
* or (if relevant) |
No officer or employee of the College, including the Head of House, received emoluments of over £70,000. |
(19) PENSION SCHEMES
The College's employees belong to two principal pension schemes, the Universities Superannuation Scheme (USS) and [the Cambridge Colleges Federated Pension Scheme (CCFPS)] [other scheme]. The total pension cost for the period was £xxx,xxx (previous year: £xxx,xxx).
Universities Superannuation Scheme
The College participates in the Universities Superannuation Scheme (USS), a defined benefit scheme which is externally funded and contracted out of the State Second Pension (S2P). The assets of the scheme are held in a separate trustee-administered fund. The College is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reliable basis and therefore, as required by FRS 17 ‘Retirement Benefits’, accounts for the scheme as if it were a defined contribution scheme. As a result, the amount charged to the income and expenditure account represents the contributions payable to the scheme in respect of the accounting period.
The latest actuarial valuation of the scheme was at [date]. The assumptions which have the most significant effect on the result of the valuation are those relating to the rate of return on investments (i.e. the valuation rate of interest) and the rates of increase in salary and pensions. In relation to the past service liabilities, the financial assumptions were derived from market yields prevailing at the valuation date. It was assumed that the valuation rate of interest would be x% per annum, salary increases would be x% per annum (plus an additional allowance for increase in salaries due to age and promotion in line with recent experience), and pensions would increase by x% per annum. In relation to the future service liabilities, it was assumed that the valuation rate of interest would be x% per annum, including an additional investment return assumption of x% per annum, salary increases would be x% per annum (also plus an additional allowance for increase in salaries due to age and promotion), and pensions would increase by x% per annum. The valuation was carried out using the projected unit method.
At the valuation date, the market value of the assets of the scheme was £xx,xxx million and the value of the past service liabilities was £xx,xxx million indicating a deficit of £xxx million. The assets were therefore sufficient to cover x% of the benefits which had accrued to members after allowing for expected future increases in earnings.
Using the Minimum Funding Requirement prescribed assumptions introduced by the Pensions Act 1995, the scheme was x% funded at the valuation date and under the Pension Protection Fund regulations introduced by the Pensions Act 2004 it was x% funded.
The institution contribution rate required for future service benefits alone at the date of the valuation was xx.xx% of pensionable salaries but the trustee company, on the advice of the actuary, decided to maintain the institution contribution rate at xx% of pensionable salaries.
Surpluses or deficits which arise at future valuations may impact on the College’s future contribution commitment. An additional factor which could impact the funding level of the scheme is that with effect from 16 March 2006, USS positioned itself as a ‘last man standing’ scheme so that in the event of the insolvency of any of the participating employers in USS, the amount of any pension funding shortfall (which cannot otherwise be recovered) in respect of that employer will be spread across the remaining participating employers and reflected in the next actuarial valuation of the scheme.
The next formal triennial actuarial valuation is due as at [date]. The contribution rate will be reviewed as part of each valuation.
The total pension cost for the College was £xx,xxx (previous year: £xx,xxx). The contribution rate payable by the College was xx% of pensionable salaries.
[Cambridge Colleges Federated Pension Scheme] [Other scheme]
N.B. Colleges will need to appoint an actuary to prepare the FRS 17 calculations required for this note.
The College also participates in the [Cambridge Colleges Federated Pension Scheme. The scheme is a defined benefit final salary pension scheme that was originally set up, under an interim Trust Deed, on 19 July 1977 as a defined benefit scheme. It has been approved by HM Revenue & Customs (previously the Inland Revenue Savings, Pensions, Share Schemes) under Chapter I of Part XIV of the Income and Corporation Taxes Act 1988. The College's employees covered by the Scheme are contracted out of the State Second Pension (S2P)] [other scheme].
The College has elected to change benefits for service from 1 April 2004 for all members by:
The date of the most recent full actuarial was as at [date]. These FRS 17 valuation results use the valuation data updated by an Actuary who is not an employee or officer of the College and/or its subsidiaries.
The contribution made by the College was £xx,xxx (previous year: £xx,xxx), excluding PHI premiums.
The major assumptions used by the Actuary were: |
||
Year to 30 June |
Previous year(s) |
|
Rate of increase in salaries |
x.xx% |
x.xx% |
Rate of increase in pensions in deferment |
x.xx% |
x.xx% |
– Guaranteed minimum pension (GMP) |
x.xx% |
x.xx% |
– Excess pension over GMP and pension accrued after 5 April 1997 |
x.xx% |
x.xx% |
Rate of increase in pensions in payment |
x.xx% |
x.xx% |
– GMP accrued up to 5 April 1988 |
x.xx% |
x.xx% |
– GMP accrued between 6 April 1988 and 5 April 1997 |
x.xx% |
x.xx% |
– Excess pension over GMP and pension accrued after 5 April 1997 |
x.xx% |
x.xx% |
Discount rate |
x.xx% |
x.xx% |
Inflation assumption |
x.xx% |
x.xx% |
In addition, standard mortality tables as used in the actuarial valuation for the Trustees were used. |
The assets in the scheme and the expected rate of return were: |
||||
Year to 30 June |
Previous year(s) |
|||
Long term rate |
Long term rate |
|||
of return |
of return |
|||
expected |
Value |
expected |
Value |
|
£ |
£ |
|||
Equities |
x.xx% |
xxx |
x.xx% |
xxx |
Bonds (including cash) |
x.xx% |
xxx |
x.xx% |
xxx |
Property |
x.xx% |
xxx |
x.xx% |
xxx |
Total market value of assets |
x,xxx |
x,xxx |
||
Present value of scheme liabilities |
|
(x,xxx) |
|
(x,xxx) |
Net pension asset/(liability) |
|
xxx |
|
xxx |
The following amounts have been included within the financial statements: Analysis of amounts charged to operating profit |
||
Year to 30 June |
Previous year(s) |
|
£000 |
£000 |
|
Current service cost |
xxx |
xxx |
Life assurance premium |
xx |
xx |
Total operating charge |
xxx |
xxx |
Analysis of amount credited to other finance income |
||
Expected return on pension scheme assets |
xx |
xx |
Interest on pension scheme liabilities |
(xx) |
(xx) |
Net return |
xx |
xx |
Analysis of the amount recognized in Statement of Total Recognized Gains and Losses (STRGL) |
||
Actual return less expected return on pension scheme assets |
xxx |
xxx |
Experience gains and losses arising on scheme liabilities |
xxx |
xxx |
Change in assumptions underlying the present value of the scheme liabilities |
xxx |
xxx |
Actuarial gain/(loss) recognized in STRGL |
xxx |
xxx |
Movement in surplus during the year |
||
Surplus/(deficit) in scheme at beginning of year |
xxx |
xxx |
Movement in year: |
||
Current service costs including life assurance |
(xxx) |
(xxx) |
Past service costs |
(xx) |
(xx) |
Contributions |
xxx |
xxx |
Other finance income |
xx |
xx |
Actuarial gain/(loss) |
(xx) |
(xx) |
Surplus/(deficit) in scheme at end of year |
xxx |
xxx |
The main reason for the change in the financial position of the scheme is ... |
||
History of experience gains and losses Difference between the expected and actual return on scheme assets: |
||
Amount (£000) |
xx |
xx |
Percentage of scheme assets |
xx% |
xx% |
Experience gains and losses on scheme liabilities: |
||
Amount (£000) |
(xx) |
(xx) |
Percentage of the present value of the scheme liabilities |
(xx)% |
(xx)% |
Total amount recognized in statement of total recognized gains and losses: |
||
Amount (£000) |
xx |
xx |
Percentage of the present value of the scheme liabilities |
xx% |
xx% |
(20) POST-BALANCE SHEET EVENTS
Give details where relevant e.g. material donations or benefactions received after the balance sheet date.
(21) CONTINGENT LIABILITIES
Give details where relevant
(22) CONTRIBUTION ASSESSMENT (22a) ASSESSABLE INCOME |
Year to 30 June |
Previous year |
|||
£ |
£ |
£ |
£ |
||
i. |
External Revenue: |
||||
College Estates let at Rack Rent |
x |
||||
College Estates let on Building Leases |
x |
||||
Net income from Furnished Lettings |
x |
||||
One-third net proceeds from Timber |
x |
||||
Other income from Real Property |
x |
||||
Dividends and Interest Gross |
x |
x |
|||
Less: |
|||||
Rates |
x |
||||
Insurance of College Buildings |
x |
||||
Agency, Management charges |
x |
||||
Transfer to Estates Repairs and Improvements Fund |
x |
||||
Interest payments |
x |
||||
Sinking Fund payments under Statute G, II, 4(iv) |
x |
||||
Other deductions from External Revenue |
x |
x |
x |
x |
|
ii. |
Trust and Other Funds Subject to Contribution |
||||
[Specified Funds: listed ] |
x |
||||
x |
x |
||||
Summary of Trust and Other Funds |
x |
||||
Income from Bequests pending permanent use |
x |
||||
Amalgamated Trust Reserve Fund |
|||||
or Undistributed Amalgamated Trust Reserve Income |
x
|
x
|
x
|
||
ASSESSABLE INCOME |
x |
x |
|||
iii. |
Trust and Other Funds Not Subject to Contribution |
||||
[Specified Funds: listed] |
x |
||||
x |
x |
||||
Summary of Trust and Other Funds |
x |
x |
x |
(22b) DEDUCTIBLE ITEMS |
|||||
Half sums paid to Scholars, Exhibitioners, and Research Students |
x |
||||
Prizes |
x |
||||
Half maintenance of Chapel expenditure |
x |
||||
Net expenditure on College Library |
x |
||||
College Teaching Officers |
x |
||||
College Research Fellows |
x |
||||
College Building Fund (under Statute G, II, 4(vii)) |
x |
||||
Donations for University Purposes: |
|||||
Subscription to Appointments Board |
x |
||||
Childcare for students |
x |
||||
University Counselling Service |
x |
||||
Sports Injury Clinic |
x |
||||
Friends of Fitzwilliam Museum |
x |
||||
Kettle's Yard Appeal |
x |
||||
Friends of the University Library |
x |
x |
|||
Other sums approved under Statute G, II, 4(xxiii) |
x |
x |
x |
||
x |
x |
(22c) BUILDING FUND UNDER STATUTE G, II, 4(vii) |
|||||
Year to 30 June |
Year to 30 June |
Previous year |
|||
£ |
£ |
£ |
|||
Balance at beginning of year |
x |
||||
Transfer for current year approved under G, II, 4(vii) |
x |
||||
Interest |
x |
||||
Less: |
|||||
[Improvements to C Staircase |
x] |
||||
Balance as at 30 June current year |
x |
x |
(22d) ESTATES REPAIRS AND IMPROVEMENTS FUND |
|||||
Balance at beginning of year |
x |
||||
Transfer for current year approved under G, II, 4(v) |
|||||
25% of: College Estate let at Rack Rent |
x |
||||
Assumed rent of unoccupied property |
x |
||||
x |
@ 25% |
x |
|||
Less: |
|||||
Repairs and improvements on estates |
x |
||||
Balance as at 30 June current year |
x |
x |
(22e) INSURANCE FUND |
|||||
Balance at beginning of year |
x |
||||
Transfer from External Revenue (Terrorism insurance) |
x |
||||
Other transfer (specified) |
x |
||||
Less: |
|||||
Expenditure (specified) |
x |
x |
|||
Balance at end of year |
x |
x |
(22f) PENSION FUND |
|||||
Balance at beginning of year |
x |
||||
Income (specified) |
x |
||||
Less: |
|||||
Expenditure (specified) |
x |
x |
|||
Balance at end of year |
x |
x |
(23) RELATED PARTY TRANSACTIONS – illustrative note
Owing to the nature of the College's operations and the composition of its Governing Body it is inevitable that transactions will take place with organizations in which a member of the Governing Body may have an interest. All transactions involving organizations in which a member of the Governing Body may have an interest are conducted at arm's length and in accordance with the College's normal procedures. [Transactions totalling £…. relating to ….. took place with ……. Limited, a company in which ………. has a majority interest. There were no amounts outstanding at the balance sheet date.]