Statutes and Ordinances of the University of Cambridge
CHAPTER XIV
pp. 1052–1076
COLLEGES

In this section

COLLEGE ACCOUNTS

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 G III 6 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 the Schedule to Statute G II in relation to College contributions under Statute G II 16 shall be the Higher Education Pay and Prices Index (all).

SCHEDULE

RECOMMENDED CAMBRIDGE COLLEGE ACCOUNTS (RCCA)

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/highereducation/Documents/2007/SORP.pdf.

Reference and Administrative Details

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:

Operating and Financial Review

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:

  1. (a)the development, performance, and operation of the business and operation of the College during the financial year;
  2. (b)the position of the College at the end of the year;
  3. (c)the main trends and factors underlying the development, performance and position of the College and its academic performance during the financial year; and
  4. (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:

Introduction

Scope of the financial statements

Aims and objectives of the College

Public benefit

Funding

Achievements and performance

Financial review

Maintenance of buildings

Capital expenditure

Endowment and investment performance

Staff costs and pensions

Reserves policy

Principal risks and uncertainties

Plans for the future

Corporate Governance

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.

Statement of Internal Control

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.

Responsibilities of the Trustees [Governing Body]

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:

  1. select suitable accounting policies and then apply them consistently;
  2. make judgements and estimates that are reasonable and prudent;
  3. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
  4. 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.

Independent Auditors’ Report to the Trustees [Governing Body/Council] of Cambridge College

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.

Respective responsibilities of the trustees [Governing Body/Council] and auditors

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.

Scope of the audit of financial statements

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.

Opinion on financial statements

In our opinion:

  1. 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;
  2. the financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
  3. 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;
  4. 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.

Matters on which we are required to report by exception

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:

  1. the information given in the Trustees’ [Governing Body’s/Council’s] Annual Report is inconsistent in any material respect with the financial statements; or
  2. sufficient accounting records have not been kept; or
  3. the financial statements are not in agreement with the accounting records and returns; or
  4. we have not received all the information and explanations we require for our audit.

Name and address of firm

Chartered Accountants and Statutory Auditors

Date:

[Name of firm] is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

Statement of Principal Accounting Policies

Basis of preparation

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.

Basis of accounting

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.

Basis of consolidation

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].

Recognition of income

Academic fees

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.]

Restricted grant income

Grants received for restricted purposes are recognised as income to the extent that relevant expenditure has been incurred.

Income from research grants

[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

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.

Capital grants and donations

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.

Other income

Income is received from a range of activities including residences, catering conferences, and other services rendered.

Endowment and investment income

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.

[Total return

Where the Total Return basis of accounting for investment returns has been adopted, Colleges should include an explanation of the basis of the calculation.]

Foreign currency translation

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.

Statement of Principal Accounting Policies (continued)

Tangible fixed assets

Land and buildings

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.]

Maintenance of premises

[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.]

Equipment

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.]]

Leased assets

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.

Heritage assets

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.

Investments

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

Stocks are stated at the lower of cost and net realisable value after making provision for slow moving and obsolete items.

Provisions

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.

Statement of Principal Accounting Policies (continued)

Taxation

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.

Contribution under Statute G II

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.

Pension costs

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. ]

Consolidated Income and Expenditure Account

For the year ended 30 June [20..]

 

Current year

Previous year

Note

£

£

Income

     

Academic fees and charges

1

   

Residences, catering, and conferences

2

   

Endowment and investment income

3

   

Donations

4

   

     

Total income

     

     

Expenditure

     

Education

5

   

Residences, catering, and conferences

6

   

Other expenditure

     

     

Total expenditure

7

   

     

Surplus/(deficit) on continuing operations before Contribution under Statute G II

     

Contribution under Statute G II

     

     

Surplus/(deficit) on continuing operations after Contribution under Statute G II

     

Surplus/(deficit) for the year transferred to accumulated income in endowment funds

20

   

     

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.

Note of Historical Cost Surpluses and Deficits

For the year ended 30 June [20..]

 

Current year

Previous year

Note

£

£

     

Surplus/(deficit) on continuing operations

     

Difference between historical cost depreciation and the actual charge for the period calculated on the revalued amount

21

   

Realisation of gains/(losses) on disposal of fixed asset investments

21

   

     

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.

Consolidated Statement of Total Recognised Gains and Losses

For the year ended 30 June [20..]

 

Restricted

Funds

Unrestricted

Funds

Current

year

Total Funds

Previous

year

Total Funds

Note

£

£

£

£

         

Surplus/(deficit) on Income and Expenditure Account

         

         

Unspent endowment fund income

         

         

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.

Consolidated Balance Sheet as at 30 June [20..]

     

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.

Consolidated Cash Flow Statement

For the year ended 30 June [20..]

 

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.

Notes to the Accounts

For the year ended 30 June [20..]

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)

   

Notes to the Accounts (continued)

For the year ended 30 June [20..]

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.

Notes to the Accounts (continued)

For the year ended 30 June [20..]

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.

Notes to the Accounts (continued)

For the year ended 30 June [20..]

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.

Notes to the Accounts (continued)

For the year ended 30 June [20..]

9

Tangible fixed assets (continued)

Heritage assets

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

       

Notes to the Accounts (continued)

For the year ended 30 June [20..]

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

       

Notes to the Accounts (continued)

For the year ended 30 June [20..]

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

       

Notes to the Accounts (continued)

For the year ended 30 June [20..]

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

           

Notes to the Accounts (continued)

For the year ended 30 June [20..]

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

           

Notes to the Accounts (continued)

For the year ended 30 June [20..]

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

     

Notes to the Accounts (continued)

For the year ended 30 June [20..]

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

     

Notes to the Accounts (continued)

For the year ended 30 June [20..]

26

Capital commitments

 

Current

year

Previous

year

 

£

£

Capital commitments at 30 June [20..] are as follows:

   

     

Authorised and contracted

   

     

Authorised but not yet contracted for

   

     

Commitments under finance leases entered into but not yet provided for in the financial statements

   

27

Financial commitments

At 30 June [20..] the College had annual commitments under non-cancellable operating leases as follows:

 

Current

year

Previous

year

 

£

£

Land and buildings:

   

Expiring within one year

   

Expiring between two and five years

   

Expiring in over five years

   

     

Other

   

Expiring within one year

   

Expiring between two and five years

   

Expiring in over five years

   

28 Pension schemes

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:

Universities Superannuation Scheme

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.

Cambridge Colleges Federated Pension Scheme

Insert the disclosures required by FRS 17, provided by the scheme actuary.

Other pension schemes

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

USS: Contributions

xx,xxx

 

xx,xxx

CCFPS: Charged to income and expenditure account

xxx,xxx

 

xxx,xxx

Other Pension Schemes: Contributions

xx,xxx

 

xx,xxx

xxx,xxx

 

xxx,xxx

Notes to the Accounts (continued)

For the year ended 30 June [20..]

29 Principal subsidiary and associated undertakings and other significant investments

Give details where relevant.

30 Contingent Liabilities

Give details where relevant.

31 Related Party Transactions

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.]

Footnotes

  1. 1. The names of the trustees who served at any time during the year are to be given.a
  2. 2. If no separate statement on the going concern is made by the Trustees/Governing Body/Council.a
  3. 3. Where the financial statements are published on the internet.a