No 6226
Thursday 26 May 2011
Vol cxli No 30
pp. 813–874
31 May, Tuesday. Discussion at 2 p.m. in the Council Room (see below).
2 June, Thursday. Ascension Day. Scarlet Day.
8 June, Wednesday. End of third quarter of Easter Term.
12 June, Sunday. Whitsunday. Scarlet Day.
14 June, Tuesday. Discussion at 2 p.m. in the Council Room.
17 June, Friday. Full Term ends.
Discussions at 2 p.m.31 May 14 June 5 July |
Congregations23 June, Thursday at 11.30 a.m. (Honorary Degrees) 30 June, Thursday at 9.30 a.m. (General Admission) 1 July, Friday at 9.30 a.m. (General Admission) 2 July, Saturday at 9.30 a.m. (General Admission) 23 July, Saturday at 11 a.m. |
The Vice-Chancellor invites those qualified under the regulations for Discussions (Statutes and Ordinances, p. 107) to attend a Discussion in the Council Room, on Tuesday, 31 May 2011, at 2 p.m., for the discussion of:
1. Report of the Council, dated 16 May 2011, seeking authority to submit a planning application for University land at North West Cambridge (Reporter, 2010–11, p. 760)
2. Report of the Council, dated 16 May 2011, on the financial position and budget of the University, recommending allocations from the Chest for 2011–12 (Reporter, 2010–11, p. 764).
The Vice-Chancellor gives notice that he has received from the Governing Body of Magdalene College, in accordance with the provisions of Section 7(2) of the Universities of Oxford and Cambridge Act 1923, the text of a proposed Statute to amend the Statutes of the College. The current Statutes of the College and the amending Statute are available on the College’s website (see http://www.magdalenecambridge.com/ [correction to printed edition: http://www.magd.cam.ac.uk/information/statutes/index.html]); paper copies may be inspected at the University Offices until 10 a.m. on 31 May 2011.
The Council, together with the other members of the Nomination Board for the election of the Chancellor, has noted that a contested election for this post would be by members of the Senate voting in person over two days, one of which must be a Saturday (Statutes and Ordinances, p. 106). The current regulations provide for voting to be held between twenty-one and twenty-eight days of term after the required notice of the vote has been given. This means that it takes place within a seven-day period which would contain only one Saturday.
If this Saturday coincides with a Degree Congregation, additions to membership of the Senate would occur during the day as graduands were admitted to qualifying degrees. The changes in membership will be difficult to monitor and may result in unfairness to graduands in some Colleges who may not have proceeded by 4 p.m. when by regulation the poll closes. The Nomination Board therefore recommends that to avoid such difficulties, or any need to move a Congregation, the regulations for nomination and election of the Chancellor should be amended so as to guarantee the availability of two Saturdays in the period for voting by replacing the upper limit of twenty-eight days with one of thirty-five days.
The Council is accordingly submitting a Grace (Grace 1, p. 859) to the Senate for the approval of this change.
The Vice-Chancellor gives notice that he intends to appoint the following persons to deputize for him, in accordance with Statute D, III, 7, in conferring degrees on the days of General Admission.
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Morning |
Afternoon |
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King’s |
The Provost of King’s |
Peterhouse |
The Master of Peterhouse |
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Trinity |
The Master of Trinity |
Clare |
The Master of Clare |
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St John’s |
The Master of St John’s |
Pembroke |
The Master of Pembroke |
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Gonville and Caius |
The Master of Gonville and Caius |
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Trinity Hall |
The Master of Trinity Hall |
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Corpus Christi |
The Master of Corpus Christi |
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Morning |
Afternoon |
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Queens’ |
The President of Queens’ |
Magdalene |
The Master of Magdalene |
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St Catharine’s |
The Master of St Catharine’s |
Emmanuel |
The Master of Emmanuel |
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Jesus |
The Master of Jesus |
Sidney Sussex |
The Master of Sidney Sussex |
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Christ’s |
The Master of Christ’s |
Downing |
The Master of Downing |
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Girton |
The Mistress of Girton |
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Morning |
Afternoon |
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Newnham |
The Principal of Newnham |
New Hall |
The President of New Hall |
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Selwyn |
The Master of Selwyn |
Darwin |
The Master of Darwin |
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Fitzwilliam |
The Master of Fitzwilliam |
Wolfson |
The Vice-President of Wolfson |
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Churchill |
The Master of Churchill |
Clare Hall |
Dr Roberta Wells |
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Robinson |
The Warden of Robinson |
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Lucy Cavendish |
The President of Lucy Cavendish |
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St Edmund’s |
The Master of St Edmund’s |
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Hughes Hall |
The President of Hughes Hall |
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Homerton |
The Principal of Homerton |
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Because of the potential risk of industrial action that might result in a delay in the publication of lists of candidates who have satisfied the Examiners in particular examinations, the Council is submitting Graces to the Regent House to limit the extent of any such delay and to deal with associated matters (Graces 3–5, pp. 858–60). The Council hopes that it will not be necessary to use the emergency powers conferred by these Graces, but it thinks it a reasonable precaution to ensure that such powers are available. Similar Graces were approved in 2009 (Graces 1–3 of 20 May 2009) on the last occasion when it was thought that University officers and other Examiners and Assessors might follow a policy of non-co-operation over examinations.
In its Report on the construction of a lift in the Old Schools (Reporter, 2009–10, p. 676) the Council stated that it was asking the Director of Estate Management to make proposals to the Buildings Committee for a process whereby minor works which do not require approval by Grace under the terms of the Statute, but which may nevertheless be of interest or consequence to members of the Regent House, other members of the University, and indeed members of the public and friends of the University, would be appropriately publicized. The Council believed that arrangements of this sort would be of interest to members of the University and others. They would apply particularly to alterations to sites or buildings of architectural, artistic, or historical interest, or which are open to the public (such as, for example, museums, and the Old Schools). The Council is now publishing for the information of the University information about the installation of a new lift in Madingley Hall to provide access to the first floor for the ambulant disabled.
Since 2009, the Institute of Continuing Education has experienced a significant reduction in students attending residential courses at Madingley Hall. The reduction is in part due to the economic climate and in part due to the increase in fees necessitated by the last government’s policy on student funding. The fee income from 70 students is the amount required to cover the running costs of the Hall, without which the Hall may not be able to continue in operation. To reverse the decline and to ensure at least 70 students are enrolled on courses in the Hall, the Institute is increasing the number of courses offered at any one time, with the consequence that up to eight teaching rooms will be required.
Statistics from the last four years show that 68% of students attending continuing adult education courses are over 60 years old and 18% are over 70. Of the total number, 8% declare mobility difficulties or disability which prevents them from accessing the first floor.
The Institute has identified some space at ground floor level that could be converted to teaching space, but there is a requirement for further areas on the first floor of the Hall to be made available.
During the last five years, the University has made considerable modifications to the Hall to improve disabled access into and around the building and to the residential accommodation for students with mobility disabilities. In March 2007 (as part of other proposals to improve access) a listed building application for a new lift was submitted, but this did not find favour at the time with either English Heritage or South Cambridgeshire District Council and the application was withdrawn.
Further discussions have now been held. Five options for locating a lift were discussed at length with both English Heritage and Conservation at South Cambridgeshire District Council at pre-application meetings and there is now a favourable response from both authorities to consider a platform lift in a location that will give access for disabled and ambulant disabled to seven teaching rooms at first-floor level and the Hall main lecture room (the Saloon). This will enable the Hall to fully comply with the Disability Discrimination Act and will allow maximum utilization of space within the Hall for teaching and conferencing. The proposed position of the lift is in a service corridor area adjacent to the entrance into the kitchens. The walls are plain plaster finish and the penetration through the ceiling to the first floor does not disturb any ornate or decorative existing finishes.
The estimated cost of the work is £193,200 and is to be funded by the Institute. A very small increase in running costs is anticipated for the new facility.
Drawings of the proposed scheme are displayed for the information of the University in the Schools Arcade.
The Council has received the remarks at the Discussion of this Report on 24 May 2011 (p. 872). This Notice provides a preliminary response to this Discussion which is also available as an audio file on the Reporter web page (http://www.admin.cam.ac.uk/reporter/).
The Council notes that Professor Evans favours Grace H.
In response to Mr Beckles’s comments, the Council accept that the words ‘rate of’ used in the current Regulation 12 of the regulations for University Composition Fees has been omitted but consider that the revised wording is equivalent.
Mr Beckles is correct that the 2004 Act imposes two different limits which apply according to whether an approved access plan is in force or not. However, the Council takes the view that it is not a reasonable reading of the current wording that University Composition Fees cannot in any circumstances exceed the basic amount (currently £6,000). Providing an approved access agreement is in place, the University will be permitted to charge more than £6,000 and the ‘limit prescribed by law’ will (under current legislation) be £9,000.
In due course the Council will respond to other points raised in the Discussions of 17 May 2011 and 24 May 2011. However, the Council is mindful of the advantages of conducting the ballot on the initiated Graces this term according to the earlier timetable outlined in its Second Report on undergraduate UK/EU fees, funding, and student finance. The Council is accordingly submitting the seven initiated Graces and its own Grace (Graces 6–13, pp. 860–1) to be voted on according to the timetable set out below.
In accordance with Regulation 7 of the regulations for Graces of the Regent House (Statutes and Ordinances, p. 107), the Council has determined that a vote will be taken on Graces 6–13 of 26 May 2011 by postal ballot.
In connection with the ballot on these Graces the Registrary will arrange for the printing and circulation of any fly-sheet, signed by ten or more members of the Regent House, which reaches him by 1 p.m. on Friday, 3 June 2011. Fly-sheets must bear, in addition to the signatures, the names and initials (in block capitals) of the signatories (Statutes and Ordinances, p. 112). Voting papers and fly-sheets will be distributed to all members of the Regent House on or before Friday 17 June; the last date for the return of voting papers will be Monday, 27 June.
On the recommendation of the Finance Committee, who have been advised by the Inter-Collegiate Committee on College Accounts, the Council has agreed to propose revisions to the wording of the Recommended Cambridge College Accounts so that they align better with the Higher Education SORP (Statement of recommended practice: accounting for further and higher education, see http://www.universitiesuk.ac.uk/Publications/Documents/SORP_2007.pdf). The Council is therefore submitting a Grace (Grace 1, p. 859) to the Regent House for the approval of the amendment to the Schedule to the regulations for College Accounts (Statutes and Ordinances, p. 1004) as set out below.
This document is intended to be read in conjunction with the HE/FE SORP available from the Universities UK website: http://www.universitiesuk.ac.uk/Publications/Documents/SORP_2007.pdf.
Name of College
Address
Charity Registration number
Charity Trustees1 (Members of the Governing Body or Council)
Senior officers
Head of House:
Senior Tutor:
Senior Bursar:
Other:
Principal advisers
Auditors:
Bankers:
Property Managers:
Investment Managers:
Legal Advisers:
1The names of the trustees who served at any time during the year are to be given.
2If no separate statement on the going concern is made by the Trustees/Governing Body/Council.
3Where the financial statements are published on the internet.
The format and content of the Operating and Financial Review (which may also be called the Trustees’ Report or Report of the Governing Body) is not prescribed by the SORP. However, this review must provide an overview of the College’s finances and operations and follow best practice. Specifically, the OFR should provide a comprehensive and balanced analysis, consistent with the size and complexity of the College, covering:
(a)the development, performance, and operation of the business and operation of the College during the financial year;
(b)the position of the College at the end of the year;
(c)the main trends and factors underlying the development, performance and position of the College and its academic performance during the financial year; and
(d)the main trends and factors which are likely to affect the College’s future development, performance and position.
The following headings may provide a useful guide:
Paragraph 24(b) of the SORP requires the inclusion of a statement of corporate governance. The following is shown for guidance only.
1. The following statement is provided by the Trustees [Governing Body/Council] to enable readers of the financial statements to obtain a better understanding of the arrangements in the College for the management of its resources and for audit.
2. The College is a registered charity (registered number 1234567) and subject to regulation by the Charity Commission for England and Wales. The members of the [Governing Body/Council] are the charity trustees and are responsible for ensuring compliance with charity law.
3. The Trustees are [Governing Body/Council is] advised in carrying out its duties by a number of Committees. [Set out details]
4. The principal officers of the College are [insert titles].
5. It is the duty of the [insert name of Committee] to keep under review the effectiveness of the College’s internal systems of financial and other controls; to advise the Trustees [Governing Body/Council] on the appointment of external [and internal] auditors; to consider reports submitted by the auditors, [both external and internal]; to monitor the implementation of recommendations made by the auditors; to make an annual report to the Trustees [Governing Body/Council]. Membership of the [insert name of Committee] includes ……
6. There are Registers of Interests of Trustees [Members of the Governing Body/Council], the Finance Committee and Audit Committee, and of the senior administrative officers. Declarations of interest are made systematically at meetings.
7. The College’s Trustees [Members of the Governing Body/Council] during the year ended 30 June [20..] are set out on page 1.
Paragraph 24(b) of the SORP also requires the inclusion of a statement of internal control.
The following statement is by way of example only.
1. The Trustees are [Governing Body/Council is] responsible for maintaining a sound system of internal control that supports the achievement of policy, aims, and objectives while safeguarding the public and other funds and assets for which the Governing Body is responsible, in accordance with the College’s Statutes.
2. The system of internal control is designed to manage rather than eliminate the risk of failure to achieve policies, aims, and objectives; it therefore provides reasonable but not absolute assurance of effectiveness.
3. The system of internal control is designed to identify the principal risks to the achievement of policies, aims and objectives, to evaluate the nature and extent of those risks and to manage them efficiently, effectively, and economically. This process was in place for the year ended 30 June [20..] and up to the date of approval of the financial statements.
4. The Trustees are [Governing Body/Council is] responsible for reviewing the effectiveness of the system of internal control. The following processes have been established:
5. The Trustees’ [Governing Body’s/Council’s] review of the effectiveness of the system of internal control is informed by the work of the various Committees, Bursar, and College officers, who have responsibility for the development and maintenance of the internal control framework, and by comments made by the external auditors in their management letter and other reports.
Alternatively, the statement may be included in the Operating and Financial Review (OFR) or the Statement of Corporate Governance.
The Trustees are [Governing Body/Council is] responsible for preparing the Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The College’s Statutes and the Statutes and Ordinances of the University of Cambridge 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 these financial statements, the Trustees are [Governing Body/Council is] required to:
•select suitable accounting policies and then apply them consistently;
•make judgements and estimates that are reasonable and prudent;
•state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
•prepare the financial statements on the going concern basis unless it is inappropriate to presume that the College will continue in operation2.
The Trustees are [Governing Body/Council is] responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the College and 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 Trustees are [Governing Body/Council 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 jurisdictions3.]
Alternatively, this statement may be included in the Operating and Financial Review (OFR) or the Statement of Corporate Governance.
We have audited the financial statements of [name of College] for the year ended ………… which comprise the [consolidated*] income and expenditure account, the [consolidated*] statement of total recognised gains and losses, the [consolidated and College*] balance sheet[s*], the [consolidated*] cash flow statement and related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the College’s Trustees [Governing Body/Council], as a body, in accordance with the College’s Statutes, and the Statutes of the University of Cambridge. Our audit work has been undertaken so that we might state to the College’s Trustees [Governing Body/Council] those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the College and the College’s Trustees [Governing Body/Council] as a body, for our audit work, for this report, or for the opinions we have formed.
As explained more fully in the Trustees’ [Governing Body’s/Council’s] Responsibilities Statement [set out [on page …]], the Trustees are [Governing Body/Council is] responsible for the preparation of financial statements which give a true and fair view.
We have been appointed as auditors under section 43 of the Charities Act 1993 and report in accordance with regulations made under section 44 of that Act. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s [APB’s] Ethical Standards for Auditors.
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the College’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the trustees [Governing Body/Council]; and the overall presentation of the financial statements. In addition, we read all the financial information in the [describe the annual report] to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
In our opinion:
•the financial statements give a true and fair view of the state of the [group’s and the*] College’s affairs as at ……………. and of [its*] [the group’s*] income and expenditure for the year then ended;
•the financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
•the financial statements have been prepared in accordance with the requirements of the Charities Act 1993, the College’s Statutes, and the Statutes of the University of Cambridge;
•the contribution due from the College to the University has been correctly computed as advised in the provisional assessment by the University of Cambridge and in accordance with the provisions of Statute G, II, of the University of Cambridge.
* Delete if not applicable.
We have nothing to report in respect of the following matters where the Charities Act 1993 requires us to report to you if, in our opinion:
the information given in the Trustees’ [Governing Body’s/Council’s] Annual Report is inconsistent in any material respect with the financial statements; or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.
Date:
[Name of firm] is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
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 United Kingdom accounting standards. In addition, the financial statements comply with the Statement of Recommended Practice: Accounting for Further and Higher Education (the SORP).
The income and expenditure account includes activity analysis in order to demonstrate that the College is satisfying its obligations to the University of Cambridge with regard to the use of public funds. The analysis required by the SORP is set out in note 7.
The financial statements have been prepared under the historical cost convention, modified in respect of the treatment of investments [and certain operational properties] which are included at valuation.
The consolidated financial statements include the College and its subsidiary undertakings. Details of the subsidiary undertakings included are set out in note xx. Intra-group balances are eliminated on consolidation.
The consolidated financial statements do not include the activities of student societies [as these are separate bodies in which the College has no financial interest and over whose policy decisions it has no control].
Academic fees are recognised in the period to which they relate and include all fees chargeable to students or their sponsors. [The costs of any fees waived or written off by the College are included as expenditure.]
Grants received for restricted purposes are recognised as income to the extent that relevant expenditure has been incurred.
[Income from research grants, contracts and other services rendered is included to the extent of the completion of the contract or service concerned.]
Charitable donations are recognised on receipt or where there is certainty of future receipt and the value can be measured reliably. The accounting treatment of a donation depends on the nature and extent of restrictions specified by the donor. Donations with no substantial restrictions are recognised as income in the income and expenditure account. Donations which are to be retained for the future benefit of the College, and other donations with substantially restricted purposes, other than for the acquisition or construction of tangible fixed assets, are recognised in the statement of total recognised gains and losses as new endowments.
Grants and donations are received for the purposes of funding the acquisition and construction of tangible fixed assets. In the case of depreciable assets these are credited to deferred capital grants when the related capital expenditure is incurred and released to income over the estimated useful life of the respective assets in line with the depreciation policy. Grants and donations of, or for the acquisition of, freehold land or heritage assets, which are non-depreciable assets, are credited to the income and expenditure account in the year of acquisition.
Income is received from a range of activities including residences, catering conferences, and other services rendered.
All investment income is credited to the Income and Expenditure Account in the period in which it is earned. Income from restricted endowments not expended in accordance with the restrictions of the endowment is transferred from the Income and Expenditure Account to restricted endowments.
Where the Total Return basis of accounting for investment returns has been adopted, Colleges should include an explanation of the basis of the calculation.]
Transactions denominated in foreign currencies are recorded at the rate of exchange ruling at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at year end rates or, where there are forward foreign exchange contracts, at contract rates. The resulting exchange differences are dealt with in the determination of the income and expenditure for the financial year.
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 capitalised 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] capitalised 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. 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 realisable 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] [capitalised 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 capitalised 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 capitalised 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.]]
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.
The College holds and conserves a number of collections, exhibits, artefacts and other assets of historical, artistic or scientific importance. In accordance with FRS 15 and FRS 30 (Heritage assets) heritage assets acquired before 1 July 1999 have not been capitalised since reliable estimates of cost or value are not available on a cost-benefit basis. Acquisitions since 1 July 1999 have been capitalised at cost or, in the case of donated assets, at expert valuation on receipt. Heritage assets are not depreciated since their long economic life and high residual value mean that any depreciation would not be material.
Fixed asset investment and endowment assets are included in the balance sheet at market value, except for investments in subsidiary undertakings which are stated in the College’s balance sheet at cost and eliminated on consolidation. Investments that are not listed on a recognised stock exchange are carried at historical cost less any provision for impairment in their value.
Stocks are stated at the lower of cost and net realisable value after making provision for slow moving and obsolete items.
Provisions are recognised 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 benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
The College is a registered charity (number 1234567) and also 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. The liability for the year is as advised to the College by the University based on an assessable amount derived from the value of the College’s assets as at the end of the previous financial year.
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. Because of the mutual nature of the scheme, 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. ]
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Current year |
Previous year |
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Note |
£ |
£ |
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Income |
|||
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Academic fees and charges |
1 |
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Residences, catering, and conferences |
2 |
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Endowment and investment income |
3 |
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Donations |
4 |
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Total income |
|||
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Expenditure |
|||
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Education |
5 |
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Residences, catering, and conferences |
6 |
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Other expenditure |
|||
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Total expenditure |
7 |
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Surplus/(deficit) on continuing operations before Contribution under Statute G, II |
|||
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Contribution under Statute G, II |
|||
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Surplus/(deficit) on continuing operations after Contribution under Statute G, II |
|||
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Surplus/(deficit) for the year transferred to accumulated income in endowment funds |
20 |
||
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Surplus/(deficit) for the year retained within general reserves |
All items dealt with in arriving at the surplus/(deficit) for [current year] and [previous year] relate to continuing operations.
|
Current year |
Previous year |
||
|
Note |
£ |
£ |
|
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Surplus/(deficit) on continuing operations |
|||
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Difference between historical cost depreciation and the actual charge for the period calculated on the revalued amount |
21 |
||
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Realisation of gains/(losses) on disposal of fixed asset investments |
21 |
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Historical cost surplus/(deficit) for the year |
This note will only apply to those Colleges that have adopted a policy of revaluation with regard to tangible fixed assets.
The notes on pages xx to xx form part of these accounts.
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Restricted Funds |
Unrestricted Funds |
Current year Total Funds |
Previous year Total Funds |
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Note |
£ |
£ |
£ |
£ |
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Surplus/(deficit) on Income and Expenditure Account |
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Unspent endowment fund income |
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Increase/(decrease) in market value of investments |
|||||
|
Endowment assets |
20 |
||||
|
Fixed asset investments |
21 |
||||
|
Unrealised surplus on revaluation of fixed assets |
9 |
||||
|
New endowments |
20 |
||||
|
Capital grant from Colleges Fund |
|||||
|
Transfers |
|||||
|
Actuarial gain/(loss) in respect of pension schemes |
28 |
||||
|
Total recognised gains/(losses) relating to the year |
|||||
|
Reconciliation |
|||||
|
Opening reserves and endowments |
|||||
|
Total recognised gains/(losses) for the year |
|||||
|
Closing reserves and endowments |
The notes on pages xx to xx form part of these accounts.
|
Current year |
Previous year |
||||
|
Group |
Group |
||||
|
Note |
£ |
£ |
|||
|
Fixed assets |
|||||
|
Tangible assets |
9 |
||||
|
Investments |
10 |
||||
|
Endowment assets |
11 |
||||
|
Current assets |
|||||
|
Stocks and work in progress |
12 |
||||
|
Debtors |
13 |
||||
|
Cash at bank and in hand |
14 |
||||
|
Creditors: amounts falling due within one year |
15 |
||||
|
Net current assets |
|||||
|
Creditors: amounts falling due after more than one year |
16 |
||||
|
Provision for liabilities and charges |
17 |
||||
|
Net assets excluding pension asset/(liability) |
|||||
|
Net pension asset/(liability) |
18 |
||||
|
Net assets including pension asset/(liability) |
|||||
|
Represented by: |
|||||
|
Restricted funds |
Unrestricted funds |
Current year Total |
Previous year Total |
||
|
Deferred capital grants |
19 |
||||
|
Endowments |
|||||
|
Expendable endowments |
20 |
||||
|
Permanent endowments |
20 |
||||
|
Reserves |
|||||
|
General reserves excluding pension reserve |
21 |
||||
|
Pension reserve |
21 |
||||
|
Operational property revaluation reserve |
21 |
||||
|
Fixed asset investment revaluation reserve |
21 |
||||
|
Total funds |
[Where the Group and College figures are materially different, separate balance sheets for each must be produced.]
The financial statements were approved by the Trustees [Governing Body/Council] on [insert date] and signed on its behalf by:
The notes on pages xx to xx form part of these accounts.
|
Current year |
Previous year |
||
|
Note |
£ |
£ |
|
|
Net cash inflow from operating activities |
23 |
||
|
Returns on investments and servicing of finance |
24 |
||
|
Capital expenditure and financial investment |
24 |
||
|
Cash inflow/(outflow) before management of liquid resources |
|||
|
Management of liquid resources |
|||
|
Increase/(decrease) in short term deposits |
|||
|
Financing |
24 |
||
|
Bank loan drawn down in year |
|||
|
Loan repayment in year |
|||
|
Increase/(decrease) in cash in the year |
|||
|
Reconciliation in net cash flow to movement in net funds |
|||
|
Increase/(decrease) in cash in the year |
|||
|
New bank loan |
|||
|
Cash inflow/(outflow) from liquid resources |
|||
|
Change in net funds |
|||
|
Net funds at beginning of year |
|||
|
Net funds at end of year |
25 |
The notes on pages xx to xx form part of these accounts.
| 1 |
Academic fees and charges |
Current year |
Previous year |
| £ | £ | ||
|
Colleges fees: |
|||
|
Fee income paid on behalf of undergraduates at the Publicly-funded Undergraduate rate (per capita fee £……..) |
|||
|
Privately-funded undergraduate fee income (per capita fee (£……..) |
|||
|
Fee income received at the Graduate fee rate (per capita fee £……..) |
|||
|
Other income |
|||
|
Total |
|
2 |
Income from residences, catering and conferences |
Current year |
Previous year |
|
£ |
£ |
||
|
Accommodation College members |
|||
|
Conferences |
|||
|
Catering College members |
|||
|
Conferences |
|||
|
Total |
|
3 |
Endowment and investment income |
Current year |
Previous year |
|
£ |
£ |
||
|
3a |
Analysis |
||
|
[Total return contribution (see note 3b)] |
|||
|
Income from: |
|||
|
Land and buildings |
|||
|
Quoted securities |
|||
|
Fixed interest securities |
|||
|
Income from short-term investments |
|||
|
Other interest receivable |
|||
|
Total |
|||
|
3b |
Summary of total return |
||
|
Income from: |
|||
|
Land and buildings |
|||
|
Quoted and other securities and cash |
|||
|
Gains/(losses) on endowment assets: |
|||
|
Land and buildings |
|||
|
Quoted and other securities and cash |
|||
|
Investment management costs (see note 3c) |
|||
|
Total return for year |
|||
|
Total return transferred to Income and Expenditure Account (see note 3a) |
|||
|
Unapplied total return for year included within statement of total recognised gains and losses (see note 22) |
|
3c |
Investment management costs |
Current year |
Previous year |
|
£ |
£ |
||
|
Land and buildings |
|||
|
Quoted securities – equities |
|||
|
Fixed interest securities |
|||
|
Other investments |
|||
|
Cash |
|||
|
Total |
|
4 |
Donations |
Current year |
Previous year |
|
£ |
£ |
||
|
Unrestricted donations |
|||
|
Restricted donations |
|||
|
Released from deferred capital grants (see note 19) |
|||
|
Total |
|
5 |
Education expenditure |
Current year |
Previous year |
|
£ |
£ |
||
|
Teaching |
|||
|
Tutorial |
|||
|
Admissions |
|||
|
Research |
|||
|
Scholarships and awards |
|||
|
Other educational facilities |
|||
|
Total |
|
6 |
Residences, catering and conferences expenditure |
Current year |
Previous year |
|
£ |
£ |
||
|
Accommodation College members |
|||
|
Conferences |
|||
|
Catering College members |
|||
|
Conferences |
|||
|
Total |
|
7a |
Analysis of [current year’s] expenditure by activity |
||||
|
Staff costs (note 8) |
Other operating expenses |
Depreciation |
Total |
||
|
£ |
£ |
£ |
£ |
||
|
Education |
|||||
|
Residences, catering and conferences |
|||||
|
Other |
|||||
|
Totals |
|||||
Expenditure includes fundraising costs of £xx,xxx. This expenditure [includes] [does not include] the costs of alumni relations.
|
7b |
Analysis of [previous year’s] expenditure by activity |
||||
|
Staff costs (note 8) |
Other operating expenses |
Depreciation |
Total |
||
|
£ |
£ |
£ |
£ |
||
|
Education |
|||||
|
Residences, catering and conferences |
|||||
|
Other |
|||||
|
Totals |
|||||
Expenditure includes fundraising costs of £xx,xxx. This expenditure [includes] [does not include] the costs of alumni relations.
|
7c |
Auditors’ remuneration |
||
|
Current year |
Previous year |
||
|
£ |
£ |
||
|
Other operating expenses include: |
|||
|
Audit fees payable to the College’s external auditors |
|||
|
Other fees payable to the College’s external auditors |
|||
|
[Audit fees payable to other firms] |
|||
|
8 |
Staff costs |
|||||
|
Group |
College Fellows |
Other academic |
Non-academic |
Current year Total |
Previous year Total |
|
|
£ |
£ |
£ |
£ |
£ |
||
|
Staff costs: |
||||||
|
Emoluments |
||||||
|
Social security costs |
||||||
|
Other pension costs |
||||||
|
Average staff numbers (full-time equivalents): |
||||||
|
Academic ([numbers in Governing Body][numbers of stipendiary staff]) |
||||||
|
Non-academic (full time equiv.) |
||||||
|
Total |
||||||
[The Governing Body comprises xx Fellows, of which the xx declared above are stipendiary.] [Of the xx Fellows declared above, xx are stipendiary.]
The number of officers and employees of the College, including Head of House, who received emoluments in the following ranges was:
|
Current year Total |
Previous year Total |
|||||
|
£100,001 – £110,000 |
||||||
|
£110,001 – £120,000 |
(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 £100,000.
|
9 |
Tangible fixed assets |
||||||
|
Group |
Land and buildings |
Assets in construction |
Equipment |
Heritage assets |
Current year Total |
Previous year Total |
|
|
£ |
£ |
£ |
£ |
£ |
£ |
||
|
Cost or valuation |
|||||||
|
At beginning of year |
|||||||
|
Additions at cost |
|||||||
|
Transfers |
|||||||
|
Disposals |
|||||||
|
At end of year |
|||||||
|
Depreciation |
|||||||
|
At beginning of year |
|||||||
|
Charge for the year |
|||||||
|
Eliminated on disposals |
|||||||
|
Written back on revaluation |
|||||||
|
At end of year |
|||||||
|
Net book value |
|||||||
|
At end of year |
|||||||
|
At beginning of year |
|||||||
|
College |
|||||||
|
Cost or valuation |
|||||||
|
At beginning of year |
|||||||
|
Additions at cost |
|||||||
|
Transfers |
|||||||
|
Disposals |
|||||||
|
At end of year |
|||||||
|
Depreciation |
|||||||
|
At beginning of year |
|||||||
|
Charge for the year |
|||||||
|
Eliminated on disposals |
|||||||
|
Written back on revaluation |
|||||||
|
At end of year |
|||||||
|
Net book value |
|||||||
|
At end of year |
|||||||
|
At beginning of year |
|||||||
The insured value of freehold land and buildings as at 30 June [current year] was £xx,xxx,xxx ([previous year]: £xx,xxx,xxx).
The net book value of tangible fixed assets includes an amount of £xxx,xxx ([previous year]: £xxx,xxx) in respect of assets held under finance leases. The depreciation charge on these assets for the year was £xx,xxx ([previous year]: £xx,xxx).
The cost to the group of freehold buildings and assets in construction consists of the costs incurred by the College less the surplus recorded in the accounts of XYZ Limited, a subsidiary undertaking, and eliminated on consolidation.
|
9 |
Tangible fixed assets (continued) |
The College holds and conserves certain collections, artefacts and other assets of historical, artistic or scientific importance.
As stated in the statement of principal accounting policies, heritage assets acquired since [insert date] have been capitalised. However, the majority of assets held in the College’s collections were acquired prior to this date. As reliable estimates of cost or valuation are not available for these on a cost-benefit basis, they have not been capitalised. As a result the total included in the balance sheet is partial.
Amounts for the current and previous four years were as follows:
|
Current year |
[Each of previous four years] |
|||||
|
£ |
£ |
£ |
£ |
£ |
||
|
Acquisitions purchased with specific donations |
||||||
|
Acquisitions purchased with College funds |
||||||
|
Total cost of acquisitions purchased |
||||||
|
Value of acquisitions by donation |
||||||
|
Total acquisitions capitalised |
||||||
|
10 |
Fixed asset investments |
||||
|
Group |
Group |
College |
College |
||
|
Current year |
Previous year |
Current year |
Previous year |
||
|
£ |
£ |
£ |
£ |
||
|
Balance at beginning of year |
|||||
|
Additions |
|||||
|
Disposals |
|||||
|
Appreciation/(depreciation) |
|||||
|
Increase/(decrease) in cash balances held at fund managers |
|||||
|
Balance at end of year |
|||||
|
Represented by: |
|||||
|
Property |
|||||
|
Quoted securities – equities |
|||||
|
Fixed interest securities |
|||||
|
Investments in subsidiary undertakings |
|||||
|
Cash in hand and at investment managers |
|||||
|
Other investments |
|||||
|
11 |
Endowment assets |
||||
|
Group |
Group |
College |
College |
||
|
Current year |
Previous year |
Current year |
Previous year |
||
|
£ |
£ |
£ |
£ |
||
|
Long-term investments: |
|||||
|
Property |
|||||
|
Quoted securities – equities |
|||||
|
Fixed interest securities |
|||||
|
Cash in hand and at investment managers |
|||||
|
Other investments |
|||||
|
Bank balances |
|||||
Notes 9 and 10 above may need to be adapted to include Endowment Assets (e.g. where investments are managed as a single pool) in which case the figures in note 11 should be suitably cross-referenced. In either case, Endowment Assets must always be shown separately on the face of the balance sheet.
|
12 |
Stocks and work in progress |
||||
|
Group |
Group |
College |
College |
||
|
Current year |
Previous year |
Current year |
Previous year |
||
|
£ |
£ |
£ |
£ |
||
|
Goods for resale |
|||||
|
Work in progress |
|||||
|
Other stocks |
|||||
|
13 |
Debtors |
||||
|
Group |
Group |
College |
College |
||
|
Current year |
Previous year |
Current year |
Previous year |
||
|
£ |
£ |
£ |
£ |
||
|
Members of the College |
|||||
|
Amounts due from subsidiary undertakings |
|||||
|
Other debtors |
|||||
|
Prepayments and accrued income |
|||||
|
14 |
Cash and bank balances |
||||
|
Group |
Group |
College |
College |
||
|
Current year |
Previous year |
Current year |
Previous year |
||
|
£ |
£ |
£ |
£ |
||
|
Short-term money market investments |
|||||
|
Bank deposits |
|||||
|
Current accounts |
|||||
|
Cash in hand |
|||||
|
15 |
Creditors: amounts falling due within one year |
||||
|
Group |
Group |
College |
College |
||
|
Current year |
Previous year |
Current year |
Previous year |
||
|
£ |
£ |
£ |
£ |
||
|
Bank overdraft |
|||||
|
Trade creditors |
|||||
|
Members of the College |
|||||
|
Amounts due to subsidiary undertakings |
|||||
|
University fees |
|||||
|
Contribution to Colleges Fund |
|||||
|
Other creditors (e.g. VAT) |
|||||
|
Accruals and deferred income |
|||||
|
16 |
Creditors: amounts falling due after more than one year |
||||
|
Group |
Group |
College |
College |
||
|
Current year |
Previous year |
Current year |
Previous year |
||
|
£ |
£ |
£ |
£ |
||
|
Bank loans |
|||||
|
Obligations under finance leases |
|||||
|
17 |
Provisions for liabilities and charges |
||||
|
Group |
Group |
College |
College |
||
|
Current year |
Previous year |
Current year |
Previous year |
||
|
£ |
£ |
£ |
£ |
||
|
Balance at beginning of year |
|||||
|
Charge to Income and Expenditure Account |
|||||
|
Utilised in year |
|||||
|
Balance at end of year |
|||||
|
18 |
Pension liabilities |
||||
|
Group |
Group |
College |
College |
||
|
Current year |
Previous year |
Current year |
Previous year |
||
|
£ |
£ |
£ |
£ |
||
|
Balance at beginning of year |
|||||
|
Movement in year: |
|||||
|
Current service cost including life assurance |
|||||
|
Contributions |
|||||
|
Other finance (income)/cost |
|||||
|
Actuarial loss/(gain) recognised in statement of total recognised gains and losses |
|||||
|
Balance at end of year |
|||||
|
19 |
Deferred capital grants |
||||
|
Current year |
Previous year |
||||
|
Group and College |
Grants |
Donations |
Total |
Total |
|
|
£ |
£ |
£ |
£ |
||
|
Balance at beginning of year: |
|||||
|
Buildings |
|||||
|
Equipment |
|||||
|
Grants and donations received: |
|||||
|
Buildings |
|||||
|
Equipment |
|||||
|
Released to Income and Expenditure Account: |
|||||
|
Buildings |
|||||
|
Equipment |
|||||
|
Balances at end of year: |
|||||
|
Buildings |
|||||
|
Equipment |
|||||
|
20 |
Endowments |
||||||
|
Group |
Unrestricted Permanent |
Restricted Permanent |
Total Permanent |
Restricted Expendable |
Current year Total |
Previous year Total |
|
|
£ |
£ |
£ |
£ |
£ |
£ |
||
|
Balance at beginning of year: |
|||||||
|
Capital |
|||||||
|
Unspent income |
|||||||
|
New endowments received |
|||||||
|
Income receivable from endowment asset investments |
|||||||
|
Expenditure |
|||||||
|
Net transfer (to)/from income and expenditure account |
|||||||
|
Increase/(decrease) in market value of investments |
|||||||
|
Balance at end of year |
|||||||
|
Comprising: |
|||||||
|
Capital |
|||||||
|
Unspent income |
|||||||
|
Representing |
|||||||
|
Fellowship Funds |
|||||||
|
Scholarship Funds |
|||||||
|
Prize Funds |
|||||||
|
Hardship Funds |
|||||||
|
Bursary Funds |
|||||||
|
Travel Grant Funds |
|||||||
|
Other Funds |
|||||||
|
General endowments |
|||||||
|
Group total |
|||||||
|
20 |
Endowments (continued) |
||||||
|
College |
Unrestricted Permanent |
Restricted Permanent |
Total Permanent |
Restricted Expendable |
Current year Total |
Previous year Total |
|
|
£ |
£ |
£ |
£ |
£ |
£ |
||
|
Balance at beginning of year: |
|||||||
|
Capital |
|||||||
|
Unspent income |
|||||||
|
New endowments received |
|||||||
|
Income receivable from endowment asset investments |
|||||||
|
Expenditure |
|||||||
|
Net transfer (to)/from income and expenditure account |
|||||||
|
Increase/(decrease) in market value of investments |
|||||||
|
Balance at end of year |
|||||||
|
Comprising: |
|||||||
|
Capital |
|||||||
|
Unspent income |
|||||||
|
Representing |
|||||||
|
Fellowship Funds |
|||||||
|
Scholarship Funds |
|||||||
|
Prize Funds |
|||||||
|
Hardship Funds |
|||||||
|
Bursary Funds |
|||||||
|
Travel Grant Funds |
|||||||
|
Other Funds |
|||||||
|
General endowments |
|||||||
|
College total |
|||||||
|
21 |
Reserves |
|||||
|
Group |
General reserves |
Operational property revaluation reserve |
Fixed asset investment revaluation reserve |
Current year Total |
Previous year Total |
|
|
£ |
£ |
£ |
£ |
|||
|
Balance at beginning of year |
||||||
|
Surplus retained for the year |
||||||
|
Actuarial gain/(loss) |
||||||
|
Transfer in respect of depreciation on revalued operational properties |
||||||
|
Transfer in respect of disposals of fixed asset investments |
||||||
|
Increase/(decrease) in market value of investments |
||||||
|
Balance at end of year |
||||||
|
College |
||||||
|
Balance at beginning of year |
||||||
|
Surplus retained for the year |
||||||
|
Actuarial gain/(loss) |
||||||
|
Transfer in respect of depreciation on revalued operational properties |
||||||
|
Transfer in respect of disposals of fixed asset investments |
||||||
|
Increase/(decrease) in market value of investments |
||||||
|
Balance at end of year |
||||||
|
22 |
Memorandum of Unapplied Total Return |
|||
|
Included within reserves the following amounts represent the Unapplied Total Return of the College: |
||||
|
Current year |
Previous year |
|||
|
£ |
£ |
|||
|
Unapplied Total Return at beginning of year |
||||
|
Unapplied Total Return for year (see note 3b) |
||||
|
Unapplied Total Return at end of year |
||||
|
23 |
Reconciliation of consolidated operating surplus to net cash inflow from operating activities |
||
|
Current year |
Previous year |
||
|
£ |
£ |
||
|
Surplus/(deficit) on continuing operations before donations of heritage assets |
|||
|
Depreciation of tangible fixed assets |
|||
|
Surplus on disposal of tangible fixed assets |
|||
|
Deferred capital grants released to income |
|||
|
Investment income |
|||
|
Interest payable |
|||
|
Pension costs less contributions payable |
|||
|
Decrease/(increase) in stocks |
|||
|
Decrease/(increase) in debtors |
|||
|
Increase in creditors |
|||
|
Net cash inflow from operating activities |
|||
|
24 |
Cash flows |
||
|
Current year |
Previous year |
||
|
£ |
£ |
||
|
Returns on investments and servicing of finance |
|||
|
Endowment and investment income received |
|||
|
Interest paid |
|||
|
Net cash inflow from returns on income and servicing of finance |
|||
|
Capital expenditure and financial investment |
|||
|
Purchase of tangible fixed assets |
|||
|
Donations for buildings and other deferred capital grants received |
|||
|
Proceeds of disposal of tangible fixed assets |
|||
|
Net purchase of long-term investments |
|||
|
New endowments received |
|||
|
Net cash outflow from capital expenditure and financial investment |
|||
|
Financing |
|||
|
Bank loan acquired |
|||
|
Repayment of long-term loan |
|||
|
Net cash inflow from financing |
|||
|
25 |
Analysis of cash and bank balances |
|||
|
At beginning of year |
Cash flows |
At end of year |
||
|
£ |
£ |
£ |
||
|
Bank overdrafts |
||||
|
Cash at bank and in hand |
||||
|
Net Funds |
||||
|
26 |
Capital commitments |
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Current year |
Previous year |
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£ |
£ |
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Capital commitments at 30 June [20..] are as follows: |
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Authorised and contracted |
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Authorised but not yet contracted for |
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Commitments under finance leases entered into but not yet provided for in the financial statements |
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27 |
Financial commitments |
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At 30 June [20..] the College had annual commitments under non-cancellable operating leases as follows: |
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Current year |
Previous year |
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£ |
£ |
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Land and buildings: |
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Expiring within one year |
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Expiring between two and five years |
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Expiring in over five years |
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Other |
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Expiring within one year |
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Expiring between two and five years |
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Expiring in over five years |
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The College participates in three defined benefit schemes, the Universities Superannuation Scheme (USS), the Cambridge Colleges Federated Pension Scheme (CCFPS) and the Church of England Funded Pensions Scheme, as follows:
The College participates in the Universities Superannuation Scheme (USS), a defined benefit scheme which is contracted out of the State Second Pension (S2P). The assets of the scheme are held in a separate fund administered by the trustee, Universities Superannuation Scheme Limited.
Insert specimen wording provided by USS.
Insert the disclosures required by FRS 17, provided by the scheme actuary.
Insert the disclosures required by FRS 17, provided by the pension provider or scheme actuary.
The total pension cost, after personal health insurance contributions, for the year to 30 June [20..] (see note x) was as follows:
|
Year to 30 June |
Previous year to 30 June |
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|
USS: Contributions |
xx,xxx |
xx,xxx |
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CCFPS: Charged to income and expenditure account |
xxx,xxx |
xxx,xxx |
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Other Pension Schemes: Contributions |
xx,xxx |
xx,xxx |
|
|
xxx,xxx |
xxx,xxx |
Give details where relevant.
Give details where relevant.
Owing to the nature of the College’s operations and the composition of the Governing Body it is inevitable that transactions will take place with organisations in which a member of the Governing Body may have an interest. All transactions involving organisations 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 £xx,xxx relating to ………… took place with ……… Limited, a company in which the College has a majority interest. There were no amounts outstanding at the balance sheet date.]
The Registrary gives notice that the response made by the Vice-Chancellor’s deputy to two recent representations under Statute K, 5 is now available on the Council’s website at http://www.admin.cam.ac.uk/committee/council/.
