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 Retail Prices Index plus one per cent.
This document is intended to be read in conjunction with the Further and Higher Education SORP available at: http://www.bufdg.ac.uk/sorp.
Items in square brackets [ ] are for Colleges to include if applicable.
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:
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:
The following headings may provide a useful guide:
Maintenance of buildings
Capital expenditure
Endowment and investment performance
Staff costs and pensions
Reserves policy
Section 3.12(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. |
Section 3.12(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:
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.
The College's auditors will advise on the current wording of their report.
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 Statement of Comprehensive Income and Expenditure includes activity analysis in order to demonstrate that all fee income is spent for educational purposes. The analysis required by the SORP is set out in note 6.
The financial statements have been prepared under the historical cost convention, modified in respect of the treatment of investments [and certain operational properties] which is 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.
Academic fees are recognized 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 from non-government sources (including research grants from non-government sources) are recognized within the [Consolidated] Statement of Comprehensive Income and Expenditure when the College is entitled to the income and performance related conditions have been met.
Income received in advance of performance related conditions is deferred on the balance sheet and released to the [Consolidated] Statement of Comprehensive Income and Expenditure in line with such conditions being met.
Non exchange transactions without performance related conditions are donations and endowments. Donations and endowments with donor imposed restrictions are recognized within the [Consolidated] Statement of Comprehensive Income and Expenditure when the College is entitled to the income. Income is retained within restricted reserves until such time that it is utilized in line with such restrictions at which point the income is released to general reserves through a reserve transfer.
Donations and endowments with restrictions are classified as restricted reserves with additional disclosure provided within the notes to the accounts.
There are four main types of donations and endowments with restrictions:
Donations with no restrictions are recorded within the [Consolidated] Statement of Comprehensive Income and Expenditure when the College is entitled to the income.
Investment income and change in value of investment assets is recorded in income in the year in which it arises and as either restricted or unrestricted income according to the terms or other restrictions applied to the individual endowment fund.
[Where the Total Return basis of accounting for investment returns has been adopted Colleges should include an explanation of the basis of the calculation.]
Income is received from a range of activities including residences, catering conferences, and other services rendered.
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.
Fixed assets are stated at [cost] [or] [deemed cost] less accumulated depreciation and accumulated impairment losses. Certain items of fixed assets that had been revalued to fair value on or prior to [pre-1992], the date of transition to SORP, are measured on the basis of deemed cost, being the revalued amount at the date of that revaluation.
Where parts of a fixed asset have different useful lives, they are accounted for as separate items of fixed assets.
Costs incurred in relation to land and buildings after initial purchase or construction, and prior to valuation, are capitalized to the extent that they increase the expected future benefits to the College.
Freehold land is not depreciated as it is considered to have an indefinite useful life. Freehold buildings are depreciated on a straight line basis over their expected useful lives as follows:
[Academic buildings |
50 years |
|
Residences etc.] |
30 years |
Leasehold land is depreciated over the life of the lease up to a maximum of [50 years].
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.
Furniture, fittings, and equipment [is written off in the year of acquisition] [costing less than [£x] per individual item or group of related items is written off in the year of acquisition. All other assets are capitalized and depreciated over their expected useful life as follows:
[Furniture and fittings |
[10%] per annum |
|
Motor vehicles and general equipment |
[20%] per annum |
|
Computer equipment |
[25%] per annum] |
Leases in which the College assumes substantially all the risks and rewards of ownership of the leased asset are classified as finance leases. Leased assets acquired by way of finance leases are stated at an amount equal to the lower of their fair value and the present value of the minimum lease payments at inception of the lease, less accumulated depreciation and less accumulated impairment losses. Lease payments are accounted for as described below.
Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Costs in respect of operating leases are charged on a straight-line basis over the lease term. Any lease premiums or incentives are spread over the minimum lease term.
The College holds and conserves a number of collections, exhibits, artefacts, and other assets of historical, artistic, or scientific importance. Heritage assets acquired before [insert date] have not been capitalized since reliable estimates of cost or value are not available on a cost-benefit basis. Acquisitions since [insert date] have been capitalized 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 investments are included in the balance sheet at fair 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 recognized stock exchange are carried at historical cost less any provision for impairment in their value/market value.]
Stocks are stated at the lower of cost and net realisable value after making provision for slow moving and obsolete items.
Provisions are recognized when the College has a present legal or constructive obligation as a result of a past event, it is probable that a transfer of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.
A contingent liability arises from a past event that gives the College a possible obligation whose existence will only be confirmed by the occurrence or otherwise of uncertain future events, not wholly within the control of the College. Contingent liabilities also arise in circumstances where a provision would otherwise be made but either it is not probable that an outflow of resources will be required or the amount of the obligation cannot be measured reliably.
A contingent asset arises where an event has taken place that gives the College a possible asset whose existence will only be confirmed by the occurrence or otherwise of uncertain future events not wholly within the control of the College.
Contingent assets and liabilities are not recognized in the balance sheet but are disclosed in the notes.
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 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.
Awaiting further guidance from the USS following scheme changes
[A note of accounting policy is required in respect of any other scheme in which the College participates, e.g. CCFPS.]
Short term employment benefits such as salaries and compensated absences are recognized as an expense in the year in which the employees render service to the College. Any unused benefits are accrued and measured as the additional amount the College expects to pay as a result of the unused entitlement.
The College is preparing its financial statements in accordance with 2015 RCCA for the first time, amended for the adoption of FRS 102, and consequently has applied the first time adoption requirements. An explanation of how the transition to the 2015 RCCA has affected the reported financial position, financial performance, and cash flows of the [consolidated] results of the College is provided in note 26.
Application of first time adoption grants certain exemptions from the full requirements of 2015 RCCA in the transition period. The following exemptions have been taken into these financial statements:
Fair value or revaluation as deemed cost – at [insert date], fair value has been used for deemed cost for properties measured at fair value.]
Reserves are allocated between restricted and unrestricted reserves. Endowment reserves include balances which, in respect of endowment to the College, are held as permanent funds, which the College must hold to perpetuity.
Restricted reserves include balances in respect of which the donor has designated a specific purpose and therefore the College
is restricted in the use of these funds.
[Consolidated] Statement of Comprehensive Income and Expenditure (Where the Consolidated and College figures are materially different, separate statements for each must be produced.)
Year ended 30 June [20..]
Current year |
Previous year |
|||||||||
Note |
Unrestricted |
Restricted |
Endowment |
Total |
Unrestricted |
Restricted |
Endowment |
Total |
||
Income |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
£000 |
||
Academic fees and charges |
1 |
|||||||||
Residences, catering, and conferences |
2 |
|||||||||
Investment income |
3 |
|||||||||
Endowment return transferred |
3 |
|||||||||
Other income |
||||||||||
Total income before donations and endowments |
||||||||||
Donations |
||||||||||
New endowments |
||||||||||
Capital grant from Colleges Fund |
||||||||||
Other capital grants for assets |
||||||||||
Total income |
||||||||||
Expenditure |
||||||||||
Education |
4 |
|||||||||
Residences, catering, and conferences |
5 |
|||||||||
[Investment management costs] (Colleges may wish to disclose this expenditure separately if material) |
||||||||||
Other expenditure |
||||||||||
Contribution under Statute G II |
||||||||||
Total expenditure |
6 |
|||||||||
Surplus/(deficit) before other gains and losses |
||||||||||
Gain/(loss) on disposal of fixed assets |
8 |
|||||||||
Gain/(loss) on investments |
9 |
|||||||||
Surplus/(deficit) for the year |
||||||||||
Other comprehensive income |
||||||||||
Unrealized surplus on revaluation of fixed assets |
||||||||||
Actuarial (loss) in respect of pension schemes |
16 |
|||||||||
Total comprehensive income for the year |
Income and expenditure reserve |
Revaluation |
||||
Unrestricted |
Restricted |
Endowment |
Reserve |
Total |
|
£000 |
£000 |
£000 |
£000 |
£000 |
|
Balance at [beginning of current year] |
|||||
Prior Year Adjustment: deferred capital opening balance |
|||||
Surplus/(deficit) from income and expenditure statement |
|||||
Other comprehensive income |
|||||
Release of restricted capital funds spent in the year |
|||||
Transfers between revaluation and income and expenditure reserve |
|||||
|
|||||
Balance at [end of current year] |
Income and expenditure reserve |
Revaluation |
||||
Unrestricted |
Restricted |
Endowment |
Reserve |
Total |
|
£000 |
£000 |
£000 |
£000 |
£000 |
|
Balance at [beginning of previous year] |
|||||
Prior Year Adjustment deferred capital opening balance |
|||||
Surplus/(deficit) from income and expenditure statement |
|||||
Other comprehensive income |
|||||
Release of restricted capital funds spent in the year |
|||||
Transfers between revaluation and income and expenditure reserve |
|||||
|
|||||
Balance at [end of previous year] |
(Where the Consolidated and College figures are materially different, separate statements for each must be produced.)
The notes on pages xx to xx form part of these accounts.
Current year |
Current year |
Previous year |
Previous year |
|||
Consolidated |
College |
Consolidated |
College |
|||
Note |
£000 |
£000 |
£000 |
£000 |
||
Non-current assets |
||||||
Fixed assets |
8 |
|||||
Heritage assets |
8 |
|||||
Investments |
9 |
|||||
|
||||||
Current assets |
||||||
Stocks |
10 |
|||||
Trade and other receivables |
11 |
|||||
Cash and cash equivalents |
12 |
|||||
|
||||||
Creditors: amounts falling due within one year |
13 |
|||||
|
||||||
Net current assets |
||||||
|
||||||
Total assets less current liabilities |
||||||
|
||||||
Creditors: amounts falling due after more than one year |
14 |
|||||
|
||||||
Provisions |
||||||
Pension provisions |
16 |
|||||
Other provisions |
15 |
|||||
|
||||||
|
||||||
Total net assets |
||||||
|
||||||
Restricted reserves |
||||||
Income and expenditure reserve – endowment reserve |
17 |
|||||
Income and expenditure reserve – restricted reserve |
18 |
|||||
|
||||||
|
||||||
Unrestricted reserves |
||||||
Income and expenditure reserve – unrestricted |
||||||
Revaluation reserve |
||||||
|
||||||
|
||||||
Total reserves |
(Where the Consolidated 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 |
£000 |
£000 |
|
|
|||
Net cash inflow from operating activities |
20 |
||
|
|||
Cash flows from investing activities |
21 |
||
|
|||
Cash flows from financing activities |
22 |
||
|
|||
Increase/(decrease) in cash and cash equivalents in the year |
|||
|
|||
Cash and cash equivalents at beginning of the year |
|||
Cash and cash equivalents at end of the year |
12 |
(Where the Consolidated and College figures are materially different, separate statements for each must be produced.)
The notes on pages xx to xx form part of these accounts.
1 |
Academic fees and charges |
Current year |
Previous year |
|
£000 |
£000 |
|
|
Colleges fees: |
||
|
Fee income received at the Regulated Undergraduate rate |
||
|
Fee income received at the Unregulated Undergraduate rate |
||
|
Fee income received at the Graduate fee rate |
||
|
|||
|
Other income |
||
|
|||
|
Total |
2 |
Income from residences, catering, and conferences |
Current year |
Previous year |
|
|
£000 |
£000 |
||
|
Accommodation |
College members |
||
|
Conferences |
|||
|
Catering |
College members |
||
|
Conferences |
|||
|
||||
|
Total |
3 |
Endowment return and investment income |
Current year |
Previous year |
|
£000 |
£000 |
|
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 reserve (see note 3a) |
||
|
|
||
|
Unapplied total return for year included within Statement of Comprehensive Income and Expenditure (see note 19) |
3c |
Investment management costs |
Current year |
Previous year |
|
£000 |
£000 |
|
|
Land and buildings |
||
|
Quoted securities – equities |
||
|
Fixed interest securities |
||
|
Other investments |
||
|
Cash |
||
|
|
||
|
Total |
4 |
Education expenditure |
Current year |
Previous year |
|
£000 |
£000 |
|
|
Teaching |
||
|
Tutorial |
||
|
Admissions |
||
|
Research |
||
|
Scholarships and awards |
||
|
Other educational facilities |
||
|
|
||
|
Total |
5 |
Residences, catering, and conferences expenditure |
Current year |
Previous Year |
|
|
£000 |
£000 |
||
|
Accommodation |
College members |
||
|
Conferences |
|||
|
Catering |
College members |
||
|
Conferences |
|||
|
|
|||
|
Total |
6a |
Analysis of current year expenditure by activity |
||||
|
Staff costs (note 7) |
Other operating expenses |
Depreciation |
Total |
|
|
£000 |
£000 |
£000 |
£000 |
|
|
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.
6b |
Analysis of previous year expenditure by activity |
||||
|
Staff costs (note 7) |
Other operating expenses |
Depreciation |
Total |
|
|
£000 |
£000 |
£000 |
£000 |
|
|
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.
6c |
Auditors’ remuneration |
||
|
Current year |
Previous year |
|
|
£000 |
£000 |
|
|
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] |
7 |
Staff costs |
|||||
|
Consolidated |
College Fellows |
Other academic |
Non- academic |
Current year Total |
Previous year Total |
|
£000 |
£000 |
£000 |
£000 |
£000 |
|
|
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.
Key management personnel are those persons having authority and responsibility for planning, directing, and controlling the activities of the College. This includes aggregated emoluments paid to key management personnel. [Colleges should define who their ‘key management personnel’ are.]
[Aggregated emoluments consists of salary and taxable benefits but excludes any employer’s pension contribution]
Current year Total £000 |
Previous year Total £000 |
||
Key management personnel |
8 |
Fixed assets |
|||||
|
Consolidated |
Land and buildings |
Assets in construction |
Equipment |
Current year Total |
Previous year Total |
|
£000 |
£000 |
£000 |
£000 |
£000 |
|
|
Cost or valuation |
|||||
|
At beginning of year |
|||||
|
Additions |
|||||
|
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 |
|||||
|
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 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 consolidated cost 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.]
8 |
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 capitalized. 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 capitalized. 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 |
Previous four years |
||||
|
£000 |
£000 |
£000 |
£000 |
£000 |
|
|
Acquisitions purchased with specific donations |
|||||
|
Acquisitions purchased with College funds |
|||||
|
|
|||||
|
Total cost of acquisitions purchased |
|||||
|
Value of acquisitions by donation |
|||||
|
|
|||||
|
Total acquisitions capitalized |
9 |
Investments |
||||
|
Consolidated |
College |
Consolidated |
College |
|
|
Current year |
Current year |
Previous year |
Previous year |
|
|
£000 |
£000 |
£000 |
£000 |
|
|
Balance at beginning of year |
||||
|
Additions |
||||
|
Disposals |
||||
|
Gain/(loss) |
||||
|
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 |
10 |
Stocks and work in progress |
||||
|
Consolidated |
College |
Consolidated |
College |
|
|
Current year |
Current year |
Previous year |
Previous year |
|
|
£000 |
£000 |
£000 |
£000 |
|
|
Goods for resale |
||||
|
Work in progress |
||||
|
Other stocks |
11 |
Trade and other receivables |
||||
|
Consolidated |
College |
Consolidated |
College |
|
|
Current year |
Current year |
Previous year |
Previous year |
|
|
£000 |
£000 |
£000 |
£000 |
|
|
Members of the College |
||||
|
Amounts due from subsidiary undertakings |
||||
|
Other receivables |
||||
|
Prepayments and accrued income |
12 |
Cash and cash equivalents |
||||
|
Consolidated |
College |
Consolidated |
College |
|
|
Current year |
Current year |
Previous year |
Previous year |
|
|
£000 |
£000 |
£000 |
£000 |
|
|
Short-term money market investments |
||||
|
Bank deposits |
||||
|
Current accounts |
||||
|
Cash in hand |
13 |
Creditors: amounts falling due within one year |
||||
|
Consolidated |
College |
Consolidated |
College |
|
|
Current year |
Current year |
Previous year |
Previous year |
|
|
£000 |
£000 |
£000 |
£000 |
|
|
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 |
14 |
Creditors: amounts falling due after more than one year |
||||
|
Consolidated |
College |
Consolidated |
College |
|
|
Current year |
Current year |
Previous year |
Previous year |
|
|
£000 |
£000 |
£000 |
£000 |
|
|
Bank loans |
||||
|
Obligations under finance leases |
15 |
Provisions |
||||
|
Consolidated |
College |
Consolidated |
College |
|
|
Current year |
Current year |
Previous year |
Previous year |
|
|
£000 |
£000 |
£000 |
£000 |
|
|
Balance at beginning of year |
||||
|
Charge to comprehensive income |
||||
|
Utilized in year |
||||
|
|
||||
|
Balance at end of year |
16 |
Pension provisions |
||||
|
Consolidated |
College |
Consolidated |
College |
|
|
Current year |
Current year |
Previous year |
Previous year |
|
|
£000 |
£000 |
£000 |
£000 |
|
|
Balance at beginning of year |
||||
|
|
||||
|
Movement in year: |
||||
|
Current service cost including life assurance |
||||
|
Contributions |
||||
|
Other finance (income)/cost |
||||
|
Actuarial loss/(gain) recognized in Statement of Comprehensive Income and Expenditure |
||||
|
|
||||
|
Balance at end of year |
17 |
Endowment funds |
||||
Restricted net assets relating to endowments are as follows: |
|||||
Consolidated |
Restricted permanent endowments |
Unrestricted permanent endowments |
Current year Total |
Previous year Total |
|
£000 |
£000 |
£000 |
£000 |
||
Balance at beginning of year: |
|||||
Capital |
|||||
Accumulated income |
|||||
|
|||||
New donations and endowments |
|||||
|
|||||
Investment income |
|||||
Expenditure |
|||||
|
|||||
|
|||||
Increase/(decrease) in market value of investments |
|||||
|
|||||
Balance at end of year |
|||||
|
|||||
Represented by: |
|||||
Capital |
|||||
Accumulated income |
|||||
|
|||||
|
|||||
Analysis by type of purpose: |
|||||
|
|||||
Fellowship Funds |
|||||
Scholarship Funds |
|||||
Prize Funds |
|||||
Hardship Funds |
|||||
Bursary Funds |
|||||
Travel Grant Funds |
|||||
Other Funds |
|||||
General endowments |
|||||
|
|||||
|
|||||
Analysis by asset: |
|||||
Property |
|||||
Investments |
|||||
Cash |
|||||
|
17 |
Endowment funds |
||||
Restricted net assets relating to endowments are as follows: |
|||||
College |
Restricted permanent endowments |
Unrestricted permanent endowments |
Currrent year Total |
Previous year Total |
|
£000 |
£000 |
£000 |
£000 |
||
Balance at beginning of year: |
|||||
Capital |
|||||
Accumulated income |
|||||
|
|||||
New donations and endowments |
|||||
|
|||||
Investment income |
|||||
Expenditure |
|||||
|
|||||
|
|||||
Increase/(decrease) in market value of investments |
|||||
|
|||||
Balance at end of year |
|||||
|
|||||
Represented by: |
|||||
Capital |
|||||
Accumulated income |
|||||
|
|||||
|
|||||
Analysis by type of purpose: |
|||||
|
|||||
Fellowship Funds |
|||||
Scholarship Funds |
|||||
Prize Funds |
|||||
Hardship Funds |
|||||
Bursary Funds |
|||||
Travel Grant Funds |
|||||
Other Funds |
|||||
General endowments |
|||||
|
|||||
|
|||||
Analysis by asset: |
|||||
Property |
|||||
Investments |
|||||
Cash |
|||||
|
18 |
Restricted reserves |
||||
Reserves with restrictions are as follows: |
|||||
Consolidated |
Capital grants unspent |
Other restricted funds/ donations |
Current year Total |
Previous year Total |
|
£000 |
£000 |
£000 |
£000 |
||
Balance at beginning of year: |
|||||
|
|||||
New grants |
|||||
New donations |
|||||
|
|||||
Investment income |
|||||
Capital grants utilized |
|||||
|
|||||
|
|||||
Balance at end of year |
|||||
|
|||||
Analysis of other restricted funds/donations by type of purpose: |
|||||
|
|||||
Fellowship Funds |
|||||
Scholarship Funds |
|||||
Prize Funds |
|||||
Hardship Funds |
|||||
Bursary Funds |
|||||
Travel Grant Funds |
|||||
Other Funds |
|||||
General |
18 |
Restricted reserves |
||||
Reserves with restrictions are as follows: |
|||||
College |
Capital grants unspent |
Other restricted funds/ donations |
Current year Total |
Previous year Total |
|
£000 |
£000 |
£000 |
£000 |
||
Balance at beginning of year: |
|||||
|
|||||
New grants |
|||||
New donations |
|||||
|
|||||
Investment income |
|||||
Capital grants utilized |
|||||
|
|||||
|
|||||
Balance at end of year |
|||||
|
|||||
Analysis of other restricted funds/donations by type of purpose: |
|||||
|
|||||
Fellowship Funds |
|||||
Scholarship Funds |
|||||
Prize Funds |
|||||
Hardship Funds |
|||||
Bursary Funds |
|||||
Travel Grant Funds |
|||||
Other Funds |
|||||
General |
19 |
Memorandum of Unapplied Total Return |
|||
|
Included within reserves the following amounts represent the Unapplied Total Return of the College: |
|||
|
||||
|
Current year |
Previous year |
||
|
£000 |
£000 |
||
|
Unapplied Total Return at beginning of year |
|||
|
Unapplied Total Return for year (see note 3b) |
|||
|
|
|||
|
Unapplied Total Return at end of year |
20 |
Reconciliation of [consolidated] surplus for the year to net cash inflow from operating activities |
||
Current year |
Previous year |
||
£000 |
£000 |
||
Surplus/(deficit) for the year |
|||
|
|||
Adjustment for non-cash items |
|||
Depreciation |
|||
Investment income |
|||
(Loss)/gain on endowments, donations and investment property |
|||
Decrease/(increase) in stocks |
|||
Decrease/(increase) in trade and other receivables |
|||
Increase/(decrease) in creditors |
|||
Increase/(decrease) in provisions |
|||
Pension costs less contributions payable |
|||
|
|||
Adjustment for investing or financing activities |
|||
Investment income |
|||
Interest payable |
|||
Profit on the sale of non-current assets |
|||
|
|||
Net cash inflow from operating activities |
21 |
Cash flows from investing activities |
||
Current year |
Previous year |
||
£000 |
£000 |
||
Proceeds from sales of non-current fixed assets |
|||
Non-current investment disposal |
|||
Investment income |
|||
Endowment funds invested |
|||
Withdrawal of deposits |
|||
Payments made to acquire non-current assets |
|||
|
|||
Total cash flows from investing activities |
22 |
Cash flows from financing activities |
||
Current year |
Previous year |
||
£000 |
£000 |
||
Interest paid |
|||
Interest element of finance lease rental payment |
|||
New secured loans |
|||
Repayments of amounts borrowed |
|||
Capital element of finance lease rental payments |
|||
|
|||
Total cash flows from financing activities |
23 |
Analysis of cash and cash equivalents (Only required if the College has an overdraft included within creditors) |
|||
|
At beginning of year |
Cash flows |
At end of year |
|
|
£000 |
£000 |
£000 |
|
|
Bank overdrafts |
|||
|
Cash at bank and in hand |
|||
|
|
|||
|
Net Funds |
24 |
Capital commitments |
||
|
Current year |
Previous year |
|
|
£000 |
£000 |
|
|
Capital commitments at current year end are as follows: |
||
|
|
||
|
Authorized and contracted |
||
|
|
||
|
Authorized but not yet contracted for |
||
|
|
||
|
Commitments under finance leases entered into but not yet provided for in the financial statements |
25 |
Lease obligations |
||
|
At current year end the College had annual commitments under non-cancellable operating leases as follows: |
||
|
Current year |
Previous year |
|
|
£000 |
£000 |
|
|
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 |
[26 |
Transition to 2015 RCCA (Note a separate disclosure is required for College and Consolidation) |
|
|
This is a one-off note for the financial year beginning on or after 1 January 2015. Each College should enter its own adjustment details, as advised by its auditors.] |
27 |
Pension schemes
|
The College participates in [x] defined benefit schemes:
Insert wording provided by the actuary for each scheme. |
Give details where relevant.
Give details where relevant.
Give details where relevant.