Annual Accounts 2011 - University of Abertay Dundee

University of Abertay Dundee
Annual report and financial statements
31 July 2012
Independent auditors’ report to the Court of the University of Abertay Dundee
We have audited the group and parent institution financial statements (the ‘‘financial statements’’) of the
University of Abertay Dundee for the year ended 31 July 2012 which comprise the Statement of Principal
Accounting Policies, the Consolidated Income and Expenditure Account, the Statement of Historical Cost
Surpluses, the Consolidated Statement of Total Recognised Gains and Losses, the Balance Sheets, the
Consolidated Cash Flow Statement and the related notes. The financial reporting framework that has been
applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom
Generally Accepted Accounting Practice).
Respective responsibilities of the Court and auditors
As explained more fully in the Corporate Governance Statement, the Court (who are also charitable trustees for
the purposes of charity law) are responsible for the preparation of financial statements which give a true and fair
view.
We have been appointed as auditors under section 44(1)(c) of the Charities and Trustee Investment (Scotland)
Act 2005 and report in accordance with regulations made under that Act. Our responsibility is to audit and
express an opinion on the financial statements in accordance with applicable law and International Standards on
Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical
Standards for Auditors.
This report, including the opinions, has been prepared for and only for the Court in accordance with section
44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 10 of the Charities
Accounts (Scotland) Regulations 2006 (as amended) and for no other purpose. We do not, in giving these
opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is
shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to
give reasonable assurance that the financial statements are free from material misstatement, whether caused by
fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the group’s
and parent institution’s circumstances and have been consistently applied and adequately disclosed; the
reasonableness of significant accounting estimates made by the Court; and the overall presentation of the
financial statements. In addition, we read all the financial and non financial information in the Operating and
Financial Review to identify material inconsistencies with the audited financial statements. If we become aware
of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on financial statements
In our opinion the financial statements:
• give a true and fair view of the state of the group’s and parent institution’s affairs as at 31 July 2012
and of the group’s income and expenditure, recognised gains and losses and cash flows, for the year
then ended;
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice;
• have been properly prepared in accordance with the Statement of Recommended Practice (SORP) on
Accounting in Further and Higher Education; and
• have been prepared in accordance with the requirements of the Charities and Trustee Investment
(Scotland) Act 2005 and regulation 14 of the Charities Accounts (Scotland) Regulations 2006 (as
amended).
12