Reports and Financial statements 2009 - the University Offices ...

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Statement of the Responsibilities of the Council 1. Under the University’s Statutes it is the duty of the Council to prepare and to publish the annual accounts of the University in accordance with UK applicable accounting standards such that the accounts give a true and fair view of the state of affairs of the University. 2. The Council are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the University. 3. In preparing the financial statements the Council are required to: (a) select suitable accounting policies and then apply them consistently; (b) make judgements and estimates that are reasonable and prudent; (c) state whether applicable accounting standards have been followed; (d) prepare the financial statements on a going concern basis unless it is inappropriate to presume that the University will continue to operate; (e) ensure that income has been applied in accordance with the University’s Statutes and Ordinances, and its Financial Memorandum with the HEFCE and the funding Agreement with the Training and Development Agency for Schools; and (f ) safeguard the assets of the University and take reasonable steps to prevent and detect fraud and other irregularities. Reports and Financial Statements 69
Independent Auditors’ Report to the Council of the University of Cambridge We have audited the group financial statements of the University of Cambridge for the year ended 31 July 2009 which comprise the Consolidated income and expenditure account, the Note of consolidated historical cost result, the Consolidated statement of total recognised gains and losses, the Group and University balance sheets, the Consolidated cash flow statement, the Statement of Principal Accounting Policies and the related notes.These financial statements have been prepared under the accounting policies set out therein. Respective responsibilities of the Council and auditors The Council’s responsibilities for preparing the financial statements in accordance with the Accounts Direction issued by the Higher Education Funding Council for England, the Statement of Recommended Practice – Accounting for Further and Higher Education, applicable United Kingdom Law and Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out in the Statement of the Responsibilities of the Council. Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements, and International Standards on Auditing (UK and Ireland). This report, including the opinion, has been prepared for and only for the Council in accordance with the Statutes and Ordinances of the University.We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or in to whose hands it may come save where expressly agreed by our prior consent in writing.We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Statement of Recommended Practice – Accounting for Further and Higher Education. We report to you whether in our opinion, income from funding bodies, grants and income for specific purposes and from other restricted funds administered by the University, have been properly applied in all material respects for the purposes for which they were received, and whether income has been applied in all material respects in accordance with the University’s Statutes and Ordinances and where appropriate with the financial memorandum with the Higher Education Funding Council for England (HEFCE) and with the funding agreement with the Training and Development Agency for Schools. We also report to you if, in our opinion, the information given in the Financial Review is not consistent with those financial statements, if the University has not kept adequate accounting records, if the financial statements are not in agreement with the accounting records or if we have not received all the information and explanations we require for our audit. We read the other information contained in the Financial Review, the Corporate Governance Statement (incorporating the Members of the Council during the year ended 31 July 2009), and the Statement of the Responsibilities of the Council and consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the financial statements. We also review the Statement of Internal Control and comment if the statement is inconsistent with our knowledge of the University.We are not required to consider whether the statement of internal control covers all risks and controls, or to form an opinion on the effectiveness of the University’s corporate governance procedures or its risk and control procedures.We consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the financial statements. Our responsibilities do not extend to any other information. 70 University of Cambridge Annual Report 2009
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Page 37 and 38: Notes to the accounts 24 Endowments
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