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

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Statement of principal accounting policies Stocks and work in progress Stocks are stated at the lower of cost and net realisable value after making provision for slow moving and obsolete items. Endowment funds Endowment funds are classified under three headings: Where the donor has specified that the fund is to be permanently invested to generate an income stream for the general purposes of the University, the fund is classified as an unrestricted permanent endowment. Where the donor has specified that the fund is to be permanently invested to generate an income stream to be applied for a restricted purpose, the fund is classified as a restricted permanent endowment. Where the donor has specified a particular objective other than the acquisition or construction of tangible fixed assets, and that the University must or may convert the donated sum into income, the fund is classified as a restricted expendable endowment. Pension costs The University contributes to a number of defined benefit pension schemes and accounts for the costs in relation to these schemes in accordance with FRS 17 (Retirement benefits). Where the University is unable to identify its share of the underlying assets and liabilities in a scheme on a reasonable and consistent basis, it accounts as if the scheme were a defined contribution scheme, so that the cost is equal to the total of contributions payable in the year. For other defined benefit schemes, the assets of each scheme are measured at fair value, and the liabilities are measured on an actuarial basis using the projected unit method and discounted at an appropriate rate of return.The University’s share of the surplus or deficit of the scheme is recognised as an asset or liability on the balance sheet.The current service cost, being the actuarially determined present value of the pension benefits earned by employees in the current period, and the past service cost are included within staff costs. Endowment and investment income includes the net of the expected return on assets, being the actuarial forecast of total return on the assets of the scheme, and the interest cost being the notional interest cost arising from unwinding the discount on the scheme liabilities. All changes in the pension surplus or deficit due to changes in actuarial assumptions or differences between actuarial forecasts and the actual out-turn are reported in the statement of total recognised gains and losses. Segmental reporting The University operates in a number of different classes of business. For the purpose of segmental reporting as required by Statement of Standard Accounting Practice 25 (Segmental reporting), classes of business have been identified by reference to the nature of activity, the nature of funding and the management organisation. Reports and Financial Statements 75
Consolidated income and expenditure account for the year ended 31 July 2009 Year ended Year ended 31 July 2009 31 July 2008 Restated Note £m £m Income Funding body grants 1 205 202 Tuition fees and education contracts 2 92 81 Research grants and contracts 3 260 232 Examination and assessment services 4 237 216 Publishing and printing services 5 207 174 Other income 6 111 103 Endowment and investment income 7 28 54 Total income 1,140 1,062 Expenditure Staff costs excluding exceptional item Exceptional staff costs 8 512 467 Other operating expenses 8 – 14 Depreciation 9 581 506 Interest and other finance costs 9 62 60 9 1 1 Total expenditure 9 1,156 1,048 (Deficit)/surplus on continuing operations before donations of heritage assets (16) 14 Donations of heritage assets 13 1 9 (Deficit)/surplus on continuing operations after donations of heritage assets 10, 11 (15) 23 Transfer from restricted endowments 24 19 14 Surplus for the year retained within general reserves 25 4 37 The income and expenditure account is in respect of continuing activities. Comparative figures for certain captions have been restated in respect of a reclassification of income and expenditure, as described in notes 2, 3 and 9, and in respect of an element of endowment and investment income, as described in note 7. 76 University of Cambridge Annual Report 2009
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