Statutes and Ordinances of the University of Cambridge
CHAPTER XIV
pp. 1063–1089
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 Retail Prices Index plus one per cent.

Schedule

RECOMMENDED CAMBRIDGE COLLEGE ACCOUNTS (RCCA)

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.

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;
  4. (d)the main trends and factors which are likely to affect the College’s future development, performance and position;
  5. (e)key performance indicators.

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

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.

Statement of Internal Control

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.

Responsibilities of the Trustees [Governing Body] Section 3.12(c)

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

The College's auditors will advise on the current wording of their report.

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 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.

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 is 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.

Recognition of income

Academic fees

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.]

Grant income

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.

Donations and endowments

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:

  1. 1.Restricted donations – the donor has specified that the donation must be used for a particular objective.
  2. 2.Unrestricted permanent endowments – the donor has specified that the fund is to be permanently invested to generate an income stream for the general benefit of the College.
  3. 3.Restricted expendable endowments – the donor has specified a particular objective and the College can convert the donated sum into income.
  4. 4.Restricted permanent endowments – the donor has specified that the fund is to be permanently invested to generate an income stream to be applied to a particular objective.

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

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.

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.]

Other income

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

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)

Fixed assets

Land and buildings

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.

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 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]

Leased assets

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.

Heritage assets

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.

Investments

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

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

Provisions

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.

Statement of Principal Accounting Policies (continued)

Contingent liabilities and assets

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.

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 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

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.]

Employment benefits

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.

[Transition to the 2015 RCCA

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

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

                   

Statement of Changes in Reserves

Year ended 30 June [20..]

 

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.

[Consolidated and College] Balance Sheet[s] as at 30 June [20..]

   

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.

[Consolidated] Cash Flow Statement

For the year ended 30 June [20..]

   

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.

Notes to the Accounts

For the year ended 30 June [20..]

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)

   

Notes to the Accounts (continued)

For the year ended 30 June [20..]

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.

Notes to the Accounts (continued)

For the year ended 30 June [20..]

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]

   

Notes to the Accounts (continued)

For the year ended 30 June [20..]

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

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

   

Notes to the Accounts (continued)

For the year ended 30 June [20..]

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.]

Notes to the Accounts (continued)

For the year ended 30 June [20..]

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

       

Notes to the Accounts (continued)

For the year ended 30 June [20..]

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

       

Notes to the Accounts (continued)

For the year ended 30 June [20..]

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

       

Notes to the Accounts (continued)

For the year ended 30 June [20..]

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

       
 

       

Notes to the Accounts (continued)

For the year ended 30 June [20..]

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

       
 

       

Notes to the Accounts (continued)

For the year ended 30 June [20..]

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

       

Notes to the Accounts (continued)

For the year ended 30 June [20..]

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

     

Notes to the Accounts (continued)

For the year ended 30 June [20..]

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

   

Notes to the Accounts (continued)

For the year ended 30 June [20..]

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.]

Notes to the Accounts (continued)

For the year ended 30 June [20..]

27

Pension schemes

 

The College participates in [x] defined benefit schemes:

Insert wording provided by the actuary for each scheme.

28 Principal subsidiary and associated undertakings and other significant investments

Give details where relevant.

29 Contingent liabilities

Give details where relevant.

30 Related party transactions

Give details where relevant.

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 going concern is made by the Trustees/Governing Body/Council.a
  3. 3. Where the financial statements are published on the internet.a