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

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Independent Auditors’ Report to the Council of the University of Cambridge Basis of audit opinion We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board and with the HEFCE Accountability and Audit Code of Practice contained in the Financial Memorandum 2008/19. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the Council in the preparation of the financial statements, and of whether the accounting policies are appropriate to the University’s circumstances, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements. Opinion In our opinion: i. the financial statements give a true and fair view of the state of affairs of the Group and the University at 31 July 2009, and of the Group’s income and expenditure, recognised gains and losses, and statement of cash flows for the year then ended; ii. the financial statements have been properly prepared in accordance with the Statement of Recommended Practice – Accounting for Further and Higher Education, and United Kingdom Generally Accepted Accounting Practice; iii. in all material respects, income from the Higher Education Funding Council for England, the Training and Development Agency for Schools grants and income for specific purposes and from other restricted funds administered by the University have been applied only for the purposes for which they were received; and iv. in all material respects, income has been applied in accordance with the University’s Statutes and Ordinances and where appropriate in accordance with the financial memorandum (2008/19) with the Higher Education Funding Council for England and the funding agreement with the Training and Development Agency for Schools. PricewaterhouseCoopers LLP Chartered Accountants and Registered Auditors Cambridge 23 November 2009 The maintenance and integrity of the University’s website is the responsibility of the Council; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Reports and Financial Statements 71
Statement of Principal Accounting Policies Basis of preparation The financial statements have been prepared in accordance with applicable United Kingdom accounting standards and the Statement of Recommended Practice: Accounting for Further and Higher Education (the SORP).The income and expenditure account includes captions additional to those specified by the SORP in order to present an appropriate overview for the specific circumstances of the University. 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 University and its subsidiary undertakings including the Gates Cambridge Trust and other Associated Trusts. Details of the subsidiary undertakings included are given in note 31. Intra-group transactions and balances are eliminated on consolidation. The Gates Cambridge Trust is a separately constituted exempt charity which is accounted for as a subsidiary undertaking of the University since the University appoints the majority of its trustees.The purposes of the Gates Cambridge Trust are to support the University by enabling persons (to be known as ‘Gates Cambridge Scholars’) from any part of the world outside the United Kingdom to benefit from education in the University by provision of scholarships and grants and otherwise.These purposes cannot be changed without the consent of the settler,The Bill & Melinda Gates Foundation.The assets of the Gates Cambridge Trust are therefore not available for the general purposes of the University. The Associated Trusts are similarly constituted exempt charities with purposes primarily to provide support to enable students ordinarily resident or domiciled in countries outside the United Kingdom to benefit from education in the University.The assets of the Associated Trusts are therefore not available for the general purposes of the University. The consolidated financial statements do not include the accounts of the 30 Colleges and one Approved Society in the University (‘the Colleges’), each of which is an independent corporation.Transactions with the Colleges are disclosed in note 33. The consolidated financial statements do not include the accounts of Cambridge University Students Union or of the Cambridge University Graduate Union, as these are separate bodies in which the University has no financial interest and over whose policy decisions it has no control. Recognition of income Recurrent grant Recurrent grant is received from the Higher Education Funding Council for England (HEFCE) and the Training and Development Agency for Schools. Recurrent grant is recognised as income in the period to which it relates. 72 University of Cambridge Annual Report 2009
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